Signed · United Kingdom · Energy and utilities
Drilling Tools International agrees to acquire Saltire.
Drilling Tools International, a Houston, Texas oilfield services company, signed a definitive agreement on 8 October 2026 to acquire Saltire Energy and Foxley Energy, known together as Saltire. Saltire is an Aberdeen-based rental provider of drilling tubulars, downhole and bottom hole assembly tools and pressure control equipment. It was signed on 8 October 2026. It had not completed by 28 October 2026.
Signing 8 October 2026
- Buyer
- Drilling Tools International Corp. ·Houston, United States
- Target
- Saltire Energy Limited and Foxley Energy Limited ·Aberdeen, United Kingdom
- Type
- Acquisition
- Announced
- 8 October 2026
- Signed
- 8 October 2026
- Value
- about USD 80 million in cash plus 17.4 million DTI shares
- People
- Not stated in the release
- Last checked
- 28 October 2026
The people side in the United Kingdom
- In a business transfer or service provision change, staff move to the buyer on their existing terms; a dismissal solely or mainly because of the transfer is unfair. Transfer of Undertakings (Protection of Employment) Regulations 2006, regulations 4 and 7
- Long enough before a TUPE transfer, the employer informs staff representatives and consults on any measures envisaged; failure can cost up to 13 weeks' pay per affected employee. Transfer of Undertakings (Protection of Employment) Regulations 2006, regulations 13 and 16
- Acas guidance says TUPE is not likely to apply to a transfer of shares only, as in a share deal. Acas: TUPE, advice for employers and employees
- Buying over 25% of an entity in one of 17 sensitive areas in the UK needs approval before completion, or the deal is void; the first review takes up to 30 working days. GOV.UK: Check if you need to tell the government about an acquisition that could harm the UK's national security (National Security and Investment Act 2021)
- A business that starts employing staff in the UK registers with HMRC as an employer before the first payday, and not more than 2 months before it starts paying people. GOV.UK: Register as an employer
Related deals
- 11 May
E.ON SEto
OVO Energy Ltddeal page: E.ON acquires OVOCompleted
not statedSigningDay 100 - 28 Oct
EVERSANAto
Estima Scientific Ltddeal page: EVERSANA acquires Estima ScientificCompleted
not statedSigningDay 100 - 27 Oct
Guidewire Software, Inc.to
Hyperexponential Ltddeal page: Guidewire agrees to acquire hyperexponentialSigned
not statedSigningDay 100 - 27 Oct
Alamo Group Inc.to
Econ Engineering Group Limiteddeal page: Alamo Group acquires Econ EngineeringCompleted
not statedSigningDay 100