Hunting snaps up Innova-Extel

International energy services group Hunting is to acquire Innova-Extel Acquisition Holdings for $125m (£80m) by the end of the month. Innova-Extel is a supplier of harsh environment electronics technology to the energy industry, and the acquisition will boost Hunting’s offering in directional drilling, a practice which has become more common in the industry. It said the acquisition from American Capital is subject to certain conditions, but is expected to be earnings enhancing in 2010.