Expro has completed its $210million (£165.5million) deal to buy Aberdeenshire well specialist Coretrax.
Portlethen-based Cortrax has been majority owned by private equity firm Buckthorn Partners since 2018, with a headcount of more than 300 people.
The acquisition of the business will enable Expro to expand its portfolio of well construction and well intervention and integrity solutions.
Michael Jardon, Expro Chief Executive Officer, said: “This is an exciting day as we officially welcome John Fraser and his Coretrax teammates to the Expro family.
"We expect the acquisition to accelerate the growth of Coretrax’s innovative, high value-adding drilling optimization, well integrity and production enhancing technology solutions by leveraging Expro’s global operating footprint.
“Integrating Coretrax’s leading technologies will strengthen our current foothold in the Europe and Sub-Saharan Africa and Middle East and North Africa regions and is expected to open new avenues for growth in North and Latin America and Asia-Pacific.
"We look forward to leveraging the complementary capabilities and customer relationships of Expro and Coretrax to deliver additional value to our customers and other stakeholders."
John Fraser, CEO at Coretrax added: “This marks the beginning of a brand-new chapter for Coretrax as we unite with Expro to expand our capabilities. Completing this agreement means both organizations working in sync to take on the most complex well challenges.
"We are proud of our innovation-led approach, strong customer base and performance history as we join forces with Expro to create greater value for customers around the globe.”
Total consideration paid at closing was comprised of $75million of cash and 6.75 million newly issued Expro common shares.