ARC's STEP Energy to buy U.S. fracking company for $350 mln
STEP Energy Services Ltd (TSX: STEP) has agreed to acquire the issued and outstanding capital stock of Tucker Energy Services Holdings Inc, a Houston-based provider of fracturing and completion solutions to the U.S. oil and gas industry. The deal has a total cash consideration of about $350 million (US$275 million). STEP, a Calgary-based oilfield service company, said the acquisition will give it strategic entry into the U.S. fracturing market in key high-growth basins. It will fund the buy with cash, credit facilities, and $50 million to be raised through an equity offering. STEP, which went public last year, is backed by Canadian energy private equity firm ARC Financial Corp.
23 February 2018•10 mins read
