Precision Drilling Completes Acquisition of CWC Energy Services Corp.
Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) is pleased to announce that it has completed its acquisition of CWC Energy Services Corp. (“CWC”).
- Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) is pleased to announce that it has completed its acquisition of CWC Energy Services Corp. (“CWC”).
- The total consideration for CWC included 947,807 Precision common shares, approximately $14 million in cash, plus the assumption of CWC’s net debt of approximately $38 million, excluding transaction costs.
- The total transaction value for CWC was approximately $127 million on November 7, 2023.
- I am excited to welcome the CWC employees to the Precision team.”
Precision has acquired all of the issued and outstanding shares of CWC, with each CWC shareholder receiving, at their election (a) 0.002124306 of a Precision share for each CWC share; (b) $0.196668 in cash for each CWC share; or (c) a combination of cash and Precision shares, subject to proration.