Trican Well Service Ltd. (TSX:TCW) agreed to acquire Iron Horse Energy Services on July 3, 2025. Under the terms of the Acquisition, Trican Well Service Ltd. has entered into an agreement to acquire all of the issued and outstanding shares of Iron Horse in exchange for approximately CAD 77.35 million in cash consideration, before closing adjustments, and approximately CAD 33.76 million common shares of Trican Well Service Ltd. Following closing of the Acquisition, Tom Coolen, Chairman and CEO of Iron Horse, will be appointed to the board of directors of Trican Well Service Ltd.
The Acquisition is expected to close in the second half of 2025. Other than Competition Act Approval, and TSX listing approval of the common shares of Trican Well Service Ltd. to be issued pursuant to the Acquisition, no approval, order, consent of or filing with any Governmental Authority is required on the part of Iron Horse or Trican Well Service Ltd., in connection with completing the Acquisition. Following the Acquisition, Iron Horse will operate as a wholly owned division of Trican Well Service Ltd. The Acquisition is expected to deliver immediate and significant accretion to Trican shareholders, as well as support an increase to Trican Well Service?s dividend. As of August 20, 2025, The transaction received clearance from the Competition Bureau. The Acquisition is expected to close on or about August 27, 2025.
RBC Capital Markets is acting as financial advisor and Osler, Hoskin & Harcourt LLP is acting as legal advisor to Trican Well Service Ltd. Peters & Co. Limited is acting as financial advisor and Torys LLP is acting as legal advisor to Iron Horse Energy Services.
Trican Well Service Ltd. is a Canada-based oilfield services company. The Company supplies oil and natural gas well servicing equipment and solutions to its customers through the drilling, completion and production cycles. Its services include hydraulic fracturing, cementing, acidizing, coiled tubing and technical solutions. Its cementing solutions combine equipment, quality cement blends and ongoing research and development. Cementing solutions include pre-flushes and spacers, surface cementing, intermediate cementing, liner cementing, cement plugs and others. The coiled tubing includes milling, coiled tubing fracturing, E-Coil and others. It provides equipment, engineering support, reservoir expertise and laboratory services through the delivery of hydraulic fracturing, cementing, coiled tubing, nitrogen services and chemical sales for the oil and gas industry in Western Canada. Its milling services include fracturing plugs, fracturing ports, stage tool/debris sub and others.
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