08:47 AM EDT, 07/25/2024 (MT Newswires) -- Helmerich & Payne (HP) has agreed to acquire drilling firm KCA Deutag International for about $1.97 billion in cash, the companies said Thursday.

The company will fund the acquisition with available cash and new borrowings.

The deal is expected to close before the end of the current year, subject to regulatory approvals and customary closing conditions, the companies said.

John Lindsay will remain president and chief executive following the deal completion.

Helmerich & Payne shares rose 1.5% in recent Thursday premarket activity

Price: 38.32, Change: +0.57, Percent Change: +1.51