Stratim Cloud Acquisition Corp. Signs LOI to Acquire Force Pressure Control, LLC
February 14, 2023
Stratim Cloud Acquisition Corp. (a Nasdaq-listed SPAC) signed a binding letter of intent to acquire 100% of Force Pressure Control, LLC, a Texas-based provider of pressure-control rental tools and services for frac and flowback operations. The proposed consideration includes 12 million SCAC Class A shares, $120 million in cash or notes, and an earnout of up to 3 million additional shares contingent on 2023 EBITDA; the deal is intended to close following definitive agreement and approvals.
- Buyers
- Stratim Cloud Acquisition Corp.
- Targets
- Force Pressure Control, LLC
- Sellers
- Existing equity holders of Force Pressure Control, LLC
- Industry
- Energy
- Location
- Texas, United States
- Transaction Type
- Buyout
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