Union Drilling: One Houston-based drilling co. to acquire another

Independence Contract Drilling (NYSE: ICD) announced July 19 that it will acquire Sidewinder Drilling LLC, which is also based in Houston. The deal is expected to close early in the fourth quarter and more than double the size of Independence's pad-optimal rig fleet, according to a July 19 press release. Sidewinder unitholders will receive more than 36.75 million ICD shares in total, valued at more than $148.85 million based on ICD's July 18 closing price of $4.05 per share. That will give...