08:45 AM EDT, 10/15/2024 (MT Newswires) -- Nabors Industries ( NBR ) said Tuesday it will acquire all shares of Parker Wellbore in exchange for 4.8 million shares of Nabors stock, subject to a share price collar.

Parker Wellbore provides drilling services globally and has a fleet of 17 drilling rigs, along with operations and maintenance services mainly in Canada and Alaska.

The company said the acquisition will enhance its high-margin, capex-light Nabors Drilling Solutions business and strengthen its international drilling footprint.

The transaction is expected to boost Nabors' free cash flow immediately and progressively enhance valuation metrics through realized expense and revenue synergies.

Nabors will also assume about $100 million in net debt, with the deal anticipated to close in early 2025.