Innovex International, Inc. has signed an agreement to acquire TCO Group AS in a cash and stock transaction valued at $95 million, strengthening its portfolio of mission-critical well completion technologies. The acquisition, expected to close early in the third quarter of 2026, is anticipated to be accretive to Innovex's earnings per share and aligns with its strategy to acquire capital-efficient products essential to customer operations. By integrating TCO, Innovex aims to leverage its established global presence to accelerate the growth of TCO's technology, particularly in Norway and the UAE.

For the year ended December 31, 2025, TCO reported revenue of $70.0 million and net income of $12.4 million. The transaction values TCO at approximately 5.4x its 2025 Adjusted EBITDA of $17.6 million. TCO's financial metrics for the period include a net income margin of 18% and an Adjusted EBITDA margin of 25%.

Strategic Rationale and Financial Impact

Adam Anderson, CEO of Innovex, stated that the acquisition brings differentiated technologies and strong customer relationships to the company. He emphasized that the move strengthens Innovex's presence in key international markets and creates a stronger platform to redefine well technology. Kendal Reed, CFO of Innovex, noted that the acquisition fits within the company's M&A framework and is expected to drive Return on Capital Employed (ROCE) well in excess of idle balance sheet cash.

TCO Group Financial Highlights (2025)

Robert Abercrombie, CEO of TCO, expressed enthusiasm for the growth opportunities under Innovex's ownership, citing the complementary portfolio and global scale that the combined entity will offer. Akin Gump Strauss Hauer & Feld LLP and Wikborg Rein Advokatfirma AS served as legal advisors to Innovex, while Advokatfirmaet Thommessen AS advised TCO.