Helmerich & Payne Acquires KCA Deutag for $1.9725 Billion

Helmerich & Payne (H&P) has entered a definitive agreement to acquire KCA Deutag International Limited for $1.9725 billion in cash, a transaction expected to close before the end of 2024 subject to customary conditions. The deal materially expands H&P's international footprint—notably increasing its Middle East rig count from 12 to 88—adds offshore management contracts and manufacturing capabilities, and is expected to be immediately accretive to cash flow per share.