AIMCo-backed Savanna to be bought by Western Energy Services
Savanna Energy Services Corp (TSX: SVY), a Calgary-based contract drilling and oilfield services company, has agreed to be acquired by Western Energy Services Corp (TSX: WRG). The deal, which will see Savanna shareholders receive, for each Savanna share held, 0.85 of a Western share, is valued at about $533 million, including debt, Western said in a separate release. It is expected to close later this year. Western said the deal will create a stronger, more diverse global oilfield service company. Late in 2016, Alberta Investment Management Corp (AIMCo) agreed to provide Savanna with about $219 million in debt and equity financing.
9 March 2017•9 mins read
