Weatherford Exits Laboratory Services Business In $250 Million Sale

Weatherford International Plc (NYSE: WFT) said Oct. 22 it agreed to exit its laboratory services business in a $250 million cash sale to a group led by CSL Capital Management LP.

Under the agreement, CSL Capital partnered with the Carlyle Energy Mezzanine Opportunities Fund II LP to acquire Weatherford’s laboratory and geological analysis business, including personnel and associated contracts. Carlyle will provide minority common equity and growth capital, according to the Weatherford press release.

Weatherford said the transaction is one in a series of planned divestitures intended to maximize the Swiss-based oilfield service company’s shareholder value by refocusing its portfolio on core businesses most closely aligned with its long-term strategy and to reduce its debt.