SPAC Stratim Cloud to merge with oil sector tools provider Force Pressure (SCAQ)

SPAC Stratim Cloud Acquisition Corp. (NASDAQ:SCAQ) has agreed to merge with Force Pressure Control, a provider of pressure control rental tools and services to the energy industry.

The deal, which is expected to close during the second half of the year, estimates the enterprise value of Force Pressure at $240M.  

Based in Texas, Force Pressure provides tools and services to the oil, gas and geothermal sectors. The company’s clients include Conoco Phillips, Devon Energy, BPX, Marathon Oil and Pioneer Natural Resources.

Stratim and Force Pressure announced they had signed a letter of intent to merge in February.