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

Wed Jul 13, 2016 6:08pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

July 13 (Reuters) - Strad Energy Services Ltd

* 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: Further company coverage: )