Innovex International announced that it has entered into an agreement to acquire Norway-based TCO Group in a cash-and-stock transaction valued at approximately $95 million. The deal is expected to close early in the third quarter of 2026 and is anticipated to be accretive to Innovex’s earnings per share.
Founded in 1999 and headquartered in Voss, Norway, TCO is a global provider of well completion and tubing-conveyed perforating technologies. The company pioneered intervention-free laminated glass plug technology, which transformed well operations by eliminating the need for fishing operations.
For the year ended December 31, 2025, TCO generated approximately $12 million in net income and about $18 million in adjusted EBITDA. The transaction values the company at roughly 5.4 times its 2025 adjusted EBITDA.
Innovex said the acquisition aligns with its disciplined M&A strategy centered on mission-critical products with a “Big Impact, Small Ticket” value proposition. The company believes the deal will strengthen its presence in Norway and the United Arab Emirates, two markets it views as offering substantial long-term growth opportunities.
The company also sees opportunities to accelerate the growth of TCO’s technologies by leveraging Innovex’s existing global footprint and customer relationships.
Akin Gump Strauss Hauer & Feld LLP and Wikborg Rein Advokatfirma AS served as legal advisors to Innovex. Advokatfirmaet Thommessen AS acted as legal advisor to TCO.
Houston-based Innovex provides technologies and products that support customers throughout the well lifecycle. TCO specializes in technologies designed to address complex well challenges through innovation and operational expertise.
KEY QUOTES:
“We are excited to announce the acquisition of TCO Group. Robert and the TCO team have built an outstanding company with differentiated technologies, strong customer relationships, and an impressive track record of execution. The acquisition is highly aligned with Innovex’s strategy of assembling a portfolio of market-leading, capital-efficient products that are essential to our customers’ operations. It also strengthens our presence in Norway and the UAE, two important markets where we see significant long-term opportunity. We believe there is significant opportunity to accelerate the growth of the TCO technology and business by leveraging Innovex’s established presence and customer relationships in key markets around the world. We are pleased to welcome the entire TCO team to Innovex and look forward to creating value for our customers, employees, and shareholders, together.”
Adam Anderson, CEO of Innovex
“We are energized to continue our growth under the Innovex name. TCO brings technology depth, great talent and proven execution rooted in Norway. Innovex has a broad complementary portfolio and brings scale and reach globally. Together, this creates a much stronger platform for us to continue to redefine well technology and enable our customers to deliver efficient wells.”
Robert Abercrombie, CEO of TCO Group
“The acquisition of TCO fits squarely within our M&A framework. We believe TCO’s portfolio of differentiated Big Impact, Small Ticket products has allowed it to achieve a strong market position in key international and offshore markets, while delivering excellent margins and cash flow. We expect this acquisition to drive ROCE well in excess of idle balance sheet cash, improving long-term returns for our shareholders.”
Kendal Reed, CFO of Innovex
