Hunting offloads Rival Downhole Tools in $13.1m deal

(Sharecast News) - Hunting announced on Monday that it has completed the sale of its 23% equity stake in Rival Downhole Tools to a third party, for $13.1m. The FTSE 250 company said that, following working capital adjustments, it would receive $12m in cash.

As part of the agreement, $1.1m would be placed in escrow until outstanding matters were resolved, in a process expected to be completed within 12 months.

"In line with the Hunting 2030 Strategy, we are committed to focusing on and strengthening our core businesses," said chief executive officer Jim Johnson.

"With the proceeds from the sale of Rival, Hunting has additional funds to pursue strategic acquisitions, with management continuing to review accretive opportunities."

At 0957 GMT, shares in Hunting were up 6.45% at 330p.

Reporting by Josh White for Sharecast.com.