Keane Group to acquire US assets of Trican Well Service

Keane Group, a privately held US-based well completion services company, has agreed to acquire the majority of Canada-based Trican Well Service Ltd.'s (TSX: TCW) US assets for total consideration of US$247 million, comprising US$200 million in cash plus a minority interest stake in Keane Group.

With the acquisition, Keane will triple its frac capacity, acquire access to proprietary technology, add applied engineering capabilities, and further expand its service offerings and geographic reach in the US.

With this transaction, Keane will acquire the majority of Trican's US assets, including equipment, key employees, and its engineering capabilities.

With these additional resources, Keane will:

  • Grow from 300,000 frac horsepower to over 950,000 available for dispatch

  • Acquire access to proprietary technology, engineering capability, and new services lines including cementing, coiled-tubing, nitrogen pumping, and acidizing capabilities

  • Expand into additional basins in Texas and the Mid-Continent, while deepening Keane's existing presence in the Permian, Bakken, Marcellus, and Utica basins. 

The transaction is expected to close before mid-March 2016, following the completion of customary approvals.

Houlihan Lokey acted as financial advisors, and Schulte Roth & Zabel acted as legal advisors to Keane in this transaction.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...