Trican Well Service Ltd. sold National Oilwell Varco Inc. shares that were received with the completed sale of Trican’s completion tools business, according to a Jan. 23 press release.
Trican will have net proceeds of US$21.4 million, and Trican and NOV finalized the adjustment to the purchase price, which resulted in a working capital adjustment of CA$7.2 million, payable to Trican.
FRAC) ("Keane") announced on January 20, 2017, the pricing of its initial public offering of 26,760,000 shares of its common stock at a public offering price of USD$19.00 per share. Of this offering, 15,700,000 shares are being offered by Keane and 11,060,000 shares are being offered by the selling stockholder group, which includes Trican. The selling stockholder group also granted the underwriters a 30-day over-allotment option to purchase up to an additional 4,014,000 shares of Keane's common stock, which was exercised in full on January 20, 2017. Based on the pricing of USD$19.00 per share of the Keane public offering, Trican's net proceeds from the secondary offering and exercise of the over-allotment option is expected to be USD$28.4 million." data-reactid="6" data-type="text" style="margin: 0in 0in 12pt; background: white; text-align: start;" type="text">Also, the press release said that Trican would receive US$28.4 million in proceeds from the secondary offering and exercise of overallotment option from Keane Group Inc.’s recent IPO.
On Jan. 20, Keane priced the offering of about 26.76 million common shares at US$19 each, with15.7 million being offered by Keane and about 11 million being offered by the selling stockholders including Trican.
The selling stockholders retained about 72.35 million common shares of Keane, including Trican's ownership interest therein.
The total expected proceeds from these transactions is about CA$73.5 million, the press release said. Trican will use the net cash proceeds to reduce its outstanding debt.
Recommended Reading
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.
Energy Transfer Ups Quarterly Cash Distribution
2024-04-25 - Energy Transfer will increase its dividend by about 3%.
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.
Baker Hughes Hikes Quarterly Dividend
2024-04-25 - Baker Hughes Co. increased its quarterly dividend by 11% year-over-year.
Weatherford M&A Efforts Focused on Integration, Not Scale
2024-04-25 - Services company Weatherford International executives are focused on making deals that, regardless of size or scale, can be integrated into the business, President and CEO Girish Saligram said.