Western Energy to buy IROC Energy for C$157.1 mln

Fri Feb 22, 2013 7:26am EST
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Feb 22 (Reuters) - Canadian contract driller Western Energy Services Corp said it would buy IROC Energy Services Corp for about C$157 million ($154 million) in cash and stock, gaining an entry into the oilfield equipment rental business.

Western Energy will pay the equivalent of C$3.10 per share, a premium of 31 percent to IROC's closing price on Thursday.

Including debt, the deal is valued at C$193.7 million, Western Energy said in a statement.