Precision Drilling ( PDS) agreed to acquire fellow driller Grey Wolf ( GW) in a roughly $2 billion deal. Under the terms of the agreement, Grey Wolf stockholders will receive $5 in cash and 0.1883 newly issued trust units for each of their shares. That equates to $1.12 billion in cash and 42 million units for the company. Shares of Grey Wolf were recently down 11 cents at $8.48. Precision was off 5.2% at $20.25.