ARC’s STEP Energy closes $350 mln buy of U.S. fracking company

STEP Energy Services Ltd (TSX: STEP) has wrapped up its acquisition of 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, announced in February, had a total cash consideration of about $350 million (US$275 million). STEP also closed new credit facilities and an equity financing, the proceeds of which were used to help fund the buy. STEP, a Calgary-based oilfield service company, is backed by Canadian energy private equity firm ARC Financial Corp.

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