10:13 AM EST, 03/07/2024 (MT Newswires) -- Drilling Tools International ( DTI ) has agreed to acquire Superior Drilling Products (SDPI) for about $32.2 million in cash and stock, the companies said Thursday.

The deal is expected to close in Q3.

The transaction has received approvals from the boards of both companies, they said.

Shares of Drilling Tools ( DTI ) fell 4.4% in recent trading, while Superior Drilling surged more than 22%.

Price: 2.93, Change: -0.13, Percent Change: -4.41