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

Published 2017-03-22, 07:11 a/m
© Reuters. BRIEF-Trican and Canyon to combine to create premier Canadian pressure pumping company
TCW
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March 22 (Reuters) - Trican Well Service Ltd TCW.TO :

* 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: ID:nCCN7QS87k Further company coverage: TCW.TO

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