Empeiria Acquisition Corp. (OTCBB: EPAQ) will acquire Integrated Drilling Equipment Co. Holdings Inc.’s shares for $87.5 million.
Houston-based Integrated Drilling provides land drilling rigs, rig refurbishment and electrical and control systems for both land and offshore rigs.
The purchase price could include an additional $10 million payment based in Integrated Drilling’s performance in 2013.
Empeiria is a special purpose acquisition company started in 2011 to acquire one or more businesses.
Kevin O’Mara of Jones Day advised Empeiria Acquisition Corp. for the deal. Tudor Pickering Holt & Co. is Empeiria’s financial adviser.