March 22, 2017 / 11:12 AM / 5 months ago

BRIEF-Trican and Canyon to combine to create premier Canadian pressure pumping company

March 22 (Reuters) - Trican Well Service Ltd:

* Trican Well Service Ltd - Trican and Canyon to combine to create premier Canadian pressure pumping company

* Trican Well Service - aggregate transaction value is approximately $637 million, including the assumption of approximately $40 million in Canyon debt

* Trican Well Service Ltd - consideration to be received by Canyon shareholders reflects a value of $6.63 per Canyon share

* Expect transaction to be significantly accretive to cash flow as integration is completed in 2018

* Trican Well Service - expects to achieve approximately $20 million in annual pre-tax synergies upon the expected completion of the integration in 2018

* Trican Well Service - on transaction completion , existing holders of Trican & Canyon shares to own about 56% and 44% of combined co, respectively

* Trican Well Service- co to acquire all of issued & outstanding common shares of canyon on basis of 1.70 common shares of co for each outstanding Canyon share Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below