Trican Well Service acquires i Tec

After the markets closed Friday, international pressure pumping Trican Well Service Ltd. (TCW) announced the acquisition of privately-held i-Tec Well Solutions for US$30 million, 2.4 million shares of TCW, in addition to deferred consideration up to US$47.1 million, subject to certain financial targets for fiscal 2013.

i-Tec, with its range of downhole tools that include ball drop multi-stage completion tools for both open hole and cemented liner situations, is a good fit for TCW.

The acquisition is expected to be accretive to 2013 earnings and will be financed by availability on the company’s bank revolver.

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