Oil States International Inc said it sold its tubular services business to a private company for $600 million, a day after activist investor Jana Partners LLC disclosed a higher stake in the oilfield services provider. Oil States expects to use the proceeds to repay debt and to purchase back shares. The company increased its share repurchase program to $500 million from $200 million.The company said the sale would help it invest further in its accommodations, well-site services and offshore products businesses.Oil States sold the business to Marubeni-Itochu Tubulars America Inc.Jana Partners, headed by Barry Rosenstein, raised its stake to 11.7 percent from 9.1 percent, according to a regulatory filing on Thursday.
Oil States International, Inc. (Oil States) through its subsidiaries, is a provider of specialty products and services to natural resources companies worldwide. Shares of OIS traded higher by 1.75% or $1.64/share to $95.28. In the past year, the shares have traded as low as $63.42 and as high as $104.00. On average, 792302 shares of OIS exchange hands on a given day and today's volume is recorded at 1025898.
Source
