SPAC Stratim Cloud merges with oil industry tool supplier Force Pressure (SCAQ)
Cloud Acquisition Corporation SPAC Stratim (NASDAQ:SCAQ) has agreed to merge with Force Pressure Control, a pressure control rental and service provider for the energy industry.
The deal, which is expected to close in the second half of the year, estimated business value of Pressure at $240 million.
Headquartered in Texas, Force Pressure provides tools and services for the oil, gas and geothermal sectors. The company’s customers include Conoco Phillips, Devon Energy, BPX, Marathon Oil and Pioneer Natural Resources.
Stratim and Force Pressure announce they have signed an agreement letter of intent to merge in February.