To: tejek who wrote (142481 ) 2/7/2002 3:39:32 AM From: TGPTNDR Read Replies (2) | Respond to Ted, HC has a market cap of around $850M. Last July they paid Schlumberger around $700M for a batch of gas compainies, mostly in South America.biz.yahoo.com Under the agreement, Hanover will pay Schlumberger $270 million in cash, $150 million in a long-term subordinated note and a number of newly issued Hanover shares having a nominal value of $283 million. The $283 million in Hanover shares issued to Schlumberger will represent between 6.82 million and 8.71 million shares based upon an average closing Hanover share price 30 days prior to the closing of the transaction. Additionally, under the terms of the agreement, Schlumberger will be entitled to receive a distribution of up to $58 million with respect to one of the joint ventures to be acquired by Hanover upon the occurrence of certain events. Hanover management believes the transaction will add annual revenue and EBITDA of approximately $200 million and $90 million, respectively, within one year following the closing of this transaction. ... The increased horsepower, customer contacts and expertise gained in this acquisition and alliance will enable Hanover to further expand its business and compete in the U.S., Venezuela and Argentina, and to materially improve its access to burgeoning markets for such services in the Mideast, Asia and Africa."
