Blackstone Confirms Purchase Of Ulterra From American Securities

Blackstone Energy Partners said Oct. 23 it will buy Ulterra Drilling Technologies, confirming reports of the deal earlier this week citing unnamed sources.

As part of the transaction, the New York-based private-equity firm agreed to acquire a controlling, majority interest in Ulterra, which is a manufacturer of drillbits and downhole tools for the oil and gas industry, from affiliates of American Securities LLC.

Financial terms of the transaction were not disclosed, though Reuters reported on Oct. 22 the acquisition would be worth around $700 million, according to two sources familiar with the matter.