Weatherford Enters Definitive Agreement to Acquire NCS Multistage
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 01 2026
0mins
Weatherford (WFRD) and NCS Multistage (NCSM) announced that Weatherford has entered into a definitive agreement to acquire NCS Multistage. Under the terms of the agreement, NCS Multistage stockholders have an election to receive either Weatherford common stock or a combination of Weatherford common stock and cash. On a blended basis, this is expected to be the equivalent of 0.463 shares of Weatherford common stock for each NCS Multistage share with up to 19.99% of this payable in cash. Annual cost synergies are expected to be at least $15M and be realized within 18 months of closing. The deal is expected to be immediately accretive to adjusted free cash flow per share. The transaction has been approved by the board of directors of Weatherford, the board of directors of NCS Multistage, and the controlling stockholder of NCS Multistage that owns more than 50% of NCS Multistage's outstanding common stock. The transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2026. Until the transaction closes, Weatherford and NCS Multistage will continue to operate as separate, independent companies. Under the terms of the agreement, NCS Multistage stockholders can elect to receive either 0.554 shares of Weatherford common stock at closing, or a combination of 0.239 shares of Weatherford common stock and a cash amount equal to 0.137 shares of Weatherford common stock at closing, subject to proration and certain limitations and adjustments. On a blended basis, this is expected to be the equivalent of 0.463 shares of Weatherford common stock with up to 19.99% of the total equity consideration payable in cash.
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Analyst Views on WFRD
Wall Street analysts forecast WFRD stock price to rise
7 Analyst Rating
5 Buy
2 Hold
0 Sell
Moderate Buy
Current: 84.840
Low
73.00
Averages
91.71
High
111.00
Current: 84.840
Low
73.00
Averages
91.71
High
111.00
About WFRD
Weatherford International plc is a global energy services company. The Company is engaged in providing equipment and services used in the drilling, evaluation, well construction, completion, production, intervention and responsible abandonment of wells in the oil and natural gas exploration and production industry as well as new energy platforms. The Company operates through three segments: Drilling and Evaluation (DRE), Well Construction and Completions (WCC), and Production and Intervention (PRI). DRE offers a suite of services, including managed pressure drilling, drilling services, wireline, and drilling fluids. WCC offers products and services for well integrity assurance across the full life cycle of the well. PRI offers a suite of reservoir stimulation designs and engineering capabilities that isolate zones and unlock reserves in conventional and unconventional wells, deep water, and aging reservoirs. Its platforms include ForeSite, CygNet, CENTRO, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Impact of Price Volatility: Despite high oil prices, oilfield service companies face challenges from a slowdown in drilling activities, resulting in decreased demand for services and exacerbating industry uncertainty.
- Failure to Meet Transition Goals: Not achieving energy transition objectives will negatively impact cash flows, forcing oilfield service companies to invest more in low-carbon technologies to address future market challenges.
See More
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- Approval of Routine Matters: All routine items, including the election of directors and the ratification of external auditor KPMG, were approved, ensuring operational continuity and compliance, thereby stabilizing corporate governance.
- Redomestication Proposal Support: While over 60% of votes supported the proposal to redomicile from Ireland to the U.S., it fell short of the 75% threshold, reflecting shareholder division on strategic direction, which may impact future decision-making.
- Future Plans: The company intends to present an updated redomestication proposal in the coming weeks, aiming to enhance market access and shareholder value through structural adjustments, demonstrating confidence in long-term growth potential.
See More
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- Enhancement of Shareholder Value: The move is set to simplify the corporate structure, increase financial flexibility, broaden the U.S. shareholder base, and improve capital access, all contributing to long-term value creation aligned with the company's strategic goals.
- M&A Process Optimization: Redomestication to the U.S. will enable Weatherford to execute merger and acquisition transactions more efficiently, aligning better with peers and streamlining processes to further enhance shareholder value.
- Court Approval Process: The redomestication is being conducted through a Scheme of Arrangement under Irish law, requiring approval from the Irish High Court, which adds a layer of protection for shareholders and enhances the legitimacy and transparency of the process.
See More
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- Shareholder Election Options: Under the deal terms, NCSM shareholders can elect to receive either 0.554 shares of Weatherford common stock at closing or a combination of 0.239 shares of Weatherford common stock and cash equivalent to 0.137 shares of Weatherford common stock, providing flexibility that may attract more shareholder participation.
- Complementary Technology Advantage: Weatherford stated that NCS Multistage brings a complementary technology portfolio aimed at optimizing oil and gas well completions and field development strategies, enhancing Weatherford's offerings in the completions segment while deepening its capabilities in the unconventional space, thereby strengthening its market position.
- Expected Cost Synergies: Weatherford anticipates realizing at least $15 million in annual run-rate cost synergies from the acquisition over an 18-month period, which will not only enhance the company's profitability but also provide stronger financial support in the competitive oil and gas industry.
See More
