Brookfield's CWC to acquire rig services business for $37.5 mln
CWC Energy Services Corp (TSX-V: CWC) has agreed to acquire the Canadian service and swabbing rig assets and ongoing operations of C&J Energy Services Inc (NYSE: CJ), a U.S. oilfield services provider. CWC, a Calgary-based contract drilling and well servicing company, will pay $37.5 million in cash for the business. The deal is expected to close next month. Debt incurred by CWC as a result of the deal will be paid down in part by an equity rights offering. The private equity group of Brookfield Asset Management, which currently owns about 72.7 percent of CWC's outstanding shares, indicated it plans to participate in the offering.
30 October 2017•7 mins read
