Business
Keane Group to Acquire the U.S. Assets of Trican Well Service Ltd.
Keane Group to Acquire the U.S. Assets of Trican Well Service Ltd. Keane Group to ...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"\n\n\n\nKeane Group to Acquire the U.S. Assets of Trican Well Service Ltd.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nKeane Group to Acquire the U.S. Assets of Trican Well Service Ltd.\nAcquisition Increases Keane's Technological Capabilities and Enhances Services Offerings, Improving Productivity and Efficiency for Customers\nCanada NewsWire\nHOUSTON, Jan. 26, 2016\n\n\n\nHOUSTON, Jan. 26, 2016 /CNW/ -- Keane Group, a privately-held U.S. based well completion services company, has agreed to acquire the majority of Canada-based Trican Well Service Ltd.'s (TSX: TCW) U.S. assets for total consideration of U.S. $247 million, comprised of U.S. $200 million in cash plus a minority interest stake in Keane Group. With the acquisition, Keane will triple its frac capacity, acquire access to proprietary technology, add applied engineering capabilities and further expand the Company's service offerings and geographic reach in the U.S.\n\n\"This acquisition will significantly strengthen Keane's position as a leader in the completion services business across all key US basins,\" said James Stewart, Keane Group Chairman and CEO. \"With our expanded capabilities, Keane Group will have significantly greater scale that will enable us to provide all customers cost-effective completion services that will maximize the return on their assets in the current low commodity price environment. With a strong balance sheet and scalable platform positioned for continued growth, Keane looks forward to playing an active role in further industry consolidation.\"\n\nWith this transaction, Keane will acquire the majority of Trican's U.S. assets, including equipment, key employees and its engineering capabilities. \n\nWith these additional resources, Keane will: \n\n\nGrow from 300,000 frac horsepower to over 950,000 available for dispatch. \nAcquire access to proprietary technology, engineering capability and new services lines including cementing, coiled-tubing, nitrogen pumping, and acidizing capabilities. \nExpand into additional basins in Texas and the Mid-con, while deepening Keane's existing p...