Trican Well Service Ltd. (TOLWF.PK,TCW.TO) announced Friday that it has entered into an agreement to acquire i-Tec Well Solutions AS. i-Tec is a privately-owned company based in Norway that has developed a portfolio of field proven completion & intervention tool solutions.
As per the terms of the agreement, Trican will acquire all of the shares and discharge existing debt of Petro Tools Holding AS, the holding company for i-Tec and its subsidiaries, in exchange for initial cash consideration of US$30 million and 2.4 million Trican common shares. Cash consideration will be funded from existing bank facilities.
In addition, Trican has agreed to pay deferred consideration of up to US$47.1 million subject to agreed upon financial targets for i-Tec for the year ended December 31, 2013.
Trican expect this acquisition to be accretive in 2013 based on successful execution of the 2013 business plan. The transaction is expected to close before January 31, 2013.
i-Tec operates in Norway, the United States and currently supports Trican's Completion Tool division in Canada. i-Tec's current technology focus is on horizontal cemented liner completion systems.
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