Goldman Sachs Takes 7.5% Stake in Houston-Based Energy Company
April 19 2019 - 7:16AM
Dow Jones News
By Allison Prang
Goldman Sachs Group Inc. (GS) has acquired a 7.5% interest in
Key Energy Services Inc. (KEG), it said in a regulatory filing
Friday.
The investment banking firm acquired about 1.5 million shares in
Key as an investment, Goldman said in a filing with the Securities
and Exchange Commission.
Goldman said its investing and lending desk plan to try to
institute changes at Key to boost shareholder value.
Key, based in Houston, had $521.7 million in revenue in 2018 and
reported a net loss of $88.8 million. Its stock has fallen 31% in
the last month and 75% in the last 12 months. Year to date, it has
risen 86%. Shares closed Thursday at $3.86.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 19, 2019 07:01 ET (11:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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