BRIEF-Trican Well Service reaches agreement for sale of its Completion tools business for C$53.5 mln

Wed Jun 1, 2016 3:22pm EDT
 
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June 1 (Reuters) - Trican Well Service Ltd:

* Trican Well Service reaches agreement for sale of its completion tools business for CAD$53.5 million

* Total consideration payable to Trican consist of cash consideration of C$30 million and share consideration totaling C$23.5 million

* Entered agreement with units of National Oilwell Varco for sale of Trican's completion tools business

* Intends to use net cash proceeds from transaction to reduce its outstanding debt Source text for Eikon: Further company coverage: