Total acquires majority interest in AIMCo-backed Savanna
Total Energy Services Inc (TSX: TOT) acquired a majority (51.6 percent) of the outstanding common shares of Savanna Energy Services Corp (TSX: SVY), a Calgary contract drilling and oilfield services company. The deal, which was not solicited, comes on the heels of Savanna's agreement earlier this month to be acquired by Western Energy Services Corp for about $533 million, including debt. Total said the combination of the two companies creates an energy services company "with a strong market position in four business segments." Savanna last year raised debt and equity funding from Alberta Investment Management Corp (AIMCo).
27 March 2017•4 mins read
