Acquisition of TCO Group AS
Innovex International, Inc. has entered into a Share Purchase Agreement to acquire all shares of TCO Group AS from Rieber & SΓΈn AS for approximately $95 million. The acquisition, expected to close in early Q3 2026, includes $30 million in newly-issued Innovex common stock and $65 million in cash. TCO Group, a Norwegian company specializing in oil and gas equipment, reported approximately $70 million in revenue and $12 million in net income for fiscal year 2025. The transaction is anticipated to be accretive to Innovex's EPS by approximately 13%. The Purchase Agreement includes a six-month lock-up period for the Consideration Shares issued to the Seller. Financial information for TCO Group, including non-GAAP measures like Adjusted EBITDA and Free Cash Flow, has been provided and converted to USD using an exchange rate of 0.1056 NOK/USD.