Schoeller-Bleckmann Oilfield Equipment Aktiengesellschaft (WBAG:SBO) signed an agreement to acquire Praxis Completion Technology FZCO for $22 million on June 1, 2023. The purchase price for the acquisition is $22 million of which 80 % is due at closing and 20% two years after closing and will be increased by the results generated from January 1, 2023 to Closing, as well as working capital adjustments. Praxis Completion Technology has reported sales of around $15 million for fiscal year ended December 31, 2022.

The transaction is subject to regulatory approvals. The transaction is expected to complete during second half of 2023. The compensation had not yet been determined at the time of closing.

Piper Sandler & Co. acted as financial advisor to Praxis Completion Technology FZCO.