Reuters: Mergers News: UPDATE 1-C&J Energy Services to acquire Casedhole Holdings

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UPDATE 1-C&J Energy Services to acquire Casedhole Holdings Jun 6th 2012, 21:23 June 6 | Wed Jun 6, 2012 5:23pm EDT June 6 (Reuters) - Oilfield services provider C&J Energy Services Inc said it will acquire privately-held Casedhole Holdings Inc for $272.5 million in cash to expand its presence in U.S. shale areas including Marcellus, Utica and Avalon. The deal, which is expected to close before June 8, will be immediately accretive to the C&J's earnings, the company said in a statement. Houston, Texas-based Casedhole provides cased-hole wireline and other services for energy producers in the United States. C&J, which operates in South and East Texas, North Louisiana and Western Oklahoma, will fund the buy through debt and available cash. Shares of C&J Energy closed at $17.00 on Wednesday on the New York Stock Exchange.

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