May 15, 2017 / 12:10 PM / in 6 months

BRIEF-Secure Energy Services to acquire Ceiba Energy

May 15 (Reuters) - Ceiba Energy Services Inc

* Secure Energy Services Inc. enters into agreement to acquire Ceiba Energy Services Inc.

* Says Secure will pay approximately $26 million for all of issued and outstanding Ceiba shares

* Ceiba Energy Services - shareholders will receive $0.205 for each share, to be paid in cash or by issuance of 0.02115 of a secure common share

* Ceiba Energy Services says Secure will acquire approximately $1 million of net working capital excluding debt and approximately $30 million of fixed assets

* Ceiba Energy Services - Secure expects contribution to consolidated adjusted EBITDA from Ceiba acquisition to be about $7-$8 million on annualized basis

* Ceiba Energy Services - security holders holding about 40% of combined outstanding shares, warrants of co signed lock up agreements in support of deal

* Says arrangement agreement contains termination fee of $1.0 million payable to secure in certain circumstances Source text for Eikon: Further company coverage:

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