(Yicai Global) Oct. 23 -- Perforation tech firm Tong Oil Tools will acquire more of US cased-hole services firm The Wireline Group's equity to tap into the latter's lucrative business.

Tong will invest CNY455.5 million (USD66.7 million) to increase its stake in The Wireline to over 89 percent from about 55 percent, the Xi'An-based firm said in a statement yesterday. It intends to get the funds by issuing more of its own shares in China.

The Texan company's business has been in a constant upward trend this year, and it already made up 80 percent of Tong's revenues in the first half of this year. The increase of shareholding will help promote the company's business performance, the Chinese firm added.

The Wireline has over 200 stable clients including leaders in the sector such as EOG Resources, Anadarko Petroleum, Apache Corp. and Devon Energy.

Editor: Emmi Laine