Markets

Western Energy Completes Acquisition of IROC Energy for $185M

Western Energy Services Corp. (WRG.TO) and IROC Energy Services Corp. (ISC.V) announced the closing of the previously announced acquisition of IROC by Western.

Further to the joint press release by Western and IROC dated February 22, 2013, Western acquired all of the outstanding securities of IROC by way of a plan of arrangement under the Canada Business Corporations Act.

The arrangement was approved at the special meeting of IROC shareholders on April 19, 2013 by 99.6%. The arrangement was also approved by the Court of Queen's Bench of Alberta on April 19, 2013.

Pursuant to the arrangement, Western acquired all of the outstanding shares of IROC in exchange for a combination of cash in the amount of $62.9 million and 12,353,040 Western common shares.

The transaction is valued at approximately $184.8 million, including the assumption of approximately $37.9 million in debt, transaction costs and the cancellation of stock options and restricted share units. It is anticipated that IROC common shares will be de-listed from the TSX Venture Exchange within three business days.

WRG shares last traded at $6.80 while ISC shares were up two cents at $2.91.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos