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BRIEF-Strad Energy Services to buy Redneck for about $30.6 mln

Published 2016-07-13, 06:08 p/m
© Reuters.  BRIEF-Strad Energy Services to buy Redneck for about $30.6 mln
SDY
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July 13 (Reuters) - Strad Energy Services Ltd SDY.TO

* Strad Energy Services Ltd. Announces strategic acquisition in Canada's most active oil and gas region

* Strad will acquire all of shares of Redneck in exchange for an aggregate of 11,098,598 class a common shares of strad

* Total transaction value of approximately $30.6 million

* Deal includes assumption of an estimated $11.7 million of net debt

* Employees of Redneck will also be joining strad team upon closing of transaction

* Strad shares to be issued to Redneck shareholders pursuant to transaction will be subject to a time release escrow agreement

* Strad energy services ltd says deal provides immediate accretion on a cash flow per share basis

* Upon completion of transaction lyle wood, founder and president of redneck, will be appointed to board of directors of strad

* Strad board has unanimously approved transaction

* Entered into definitive share purchase agreements with each of redneck oilfield services ltd. And raptor oilfield services ltd Source text for Eikon: ID:nCCN2nMq06 Further company coverage: SDY.TO

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