Innovex to Acquire TCO Group for $95M in Cash-and-Stock Deal
Event summary
- Innovex International (NYSE: INVX) agrees to acquire TCO Group AS for $95M in cash and stock, valuing TCO at 5.4x its 2025 Adjusted EBITDA of $18M.
- Transaction expected to close in Q3 2026, with TCO generating $12M in net income and $70M in revenue for 2025.
- TCO, founded in 1999, pioneered intervention-free laminated glass plugs for well operations.
- Deal strengthens Innovex’s presence in Norway and the UAE, markets identified for long-term growth.
The big picture
The acquisition aligns with Innovex’s strategy of assembling capital-efficient, mission-critical products for well operations. It reflects a broader trend of consolidation in energy technology, where scale and global reach are increasingly critical for competing in international and offshore markets. The $95M deal underscores Innovex’s focus on high-margin, small-ticket innovations that enhance operational efficiency for customers.
What we're watching
- Integration Challenges
- How Innovex will blend TCO’s Norwegian operations with its global portfolio, particularly in offshore markets.
- Growth Acceleration
- Whether Innovex can leverage its scale to expand TCO’s technology adoption beyond Norway and the UAE.
- Financial Impact
- The pace at which the acquisition contributes to Innovex’s EPS accretion and ROCE targets.
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