Expro Group Holdings N.V. completed the acquisition of Professional Rental Tools LLC for $60.45 million.
Expro Group Holdings N.V. (NYSE:XPRO) completed the acquisition of Professional Rental Tools LLC on October 2, 2023. Total consideration paid at closing was approximately $106.3 million, including $62.5 million of cash and $43.8 million of newly issued Expro shares. Potential additional consideration will be based on PRT Offshore?s financial performance during the four quarters following closing. As per the filling of Feb 21, 2024, the fair value of consideration for the PRT Acquisition to be $91.0 million, including cash consideration of $21.7 million, net of cash received, equity consideration of $40.9 million, and contingent consideration of $13.2 million, subject to a true-up for customary working capital adjustments. As of December 31, 2023, the Company has accrued $1.5 million of the cash consideration related to standard holdback provisions, which is expected to be paid in 2024. The contingent consideration arrangement requires the Company to pay the former owners of PRT additional consideration based on PRT Offshore?s financial performance during the four quarters following closing.