02:30 PM EST, 01/16/2025 (MT Newswires) -- Helmerich & Payne (HP) Thursday said it has closed the purchase of KCA Deutag International, paying $1.97 billion in cash for the privately held onshore drilling company.

The oilfield services company announced its acquisition of KCA Deutag on July 25, with the deal bringing its rig count in the Middle East to 88 rigs.

The transaction is expected to be immediately accretive to H&P's cash flow and per-share free cash flow, the company said previously.

Price: 36.65, Change: -0.03, Percent Change: -0.10