Expro International Group Plc, London, (London: EXR) plans to acquire Power Well Services Inc., Houston, from private equity firm First Reserve Corp., Greenwich, Conn., for US$674.5 million in cash and stock. Power Well was formed by First Reserve through the merger of Halliburton's well testing services with Houston-based well tester Power Chokes Inc. The company provides well testing and fluid analysis in 31 countries, including 22 of the most active producing countries. Expro International, an oilfield service company that provides well-performance and production-optimization services, will pay US$115 million in Expro shares and the balance in cash. After paying Power Well's outstanding debt, the company's shareholders will receive approximately US$300 million in cash.
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