Cerberus-backed Keane to buy Trican's U.S. assets in $247 mln deal
Keane Group, a portfolio company of U.S. private equity firm Cerberus Capital Management, has agreed to buy the majority of U.S. pumping assets belonging to Trican Well Service Ltd (TSX: TCW), a Calgary-based oilfield services provider. The deal has a total consideration of US$247 million. It is comprised of a US$200 million cash payment and a minority interest in Keane that will give Trican two seats on the former's board of directors. Houston-based Keane, a well completion services provider, said the acquisition will triple its fracturing capacity, give access to new technology, add engineering capabilities, and expand its geographic reach. The deal is expected to close by mid-March.
27 January 2016•3 mins read
