Precision Drilling Corporation (TSX:PD) completed the acquisition of CWC Energy Services Corp. from BBU Alta Investments L.P., Brookfield BBP LP, Canada Pension Plan Investment Board, directors, officers and others.
The Transaction will require approval by at least 66 2/3% of holders of the CWC shares represented in person or by proxy at a special meeting of holders of CWC shares to be called to consider the Transaction and, if required, a majority of the votes cast by holders of CWC shares after excluding the votes cast by those persons whose votes may not be included under the Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Transaction is expected to close before the end of 2023 and is subject to stock exchange and Alberta Court of King?s Bench approval, Competition Bureau approval, regulatory approvals, TSX and NYSE shall have conditionally approved for listing all of Shares issuable pursuant to the Arrangement and the satisfaction of other customary closing conditions. The Board of Directors of CWC has unanimously approved the Transaction and recommends that holders of CWC shares vote in favour of the special resolution approving the Transaction. CWC shareholders approved the transaction on November 6, 2023. CWC expects to apply for the final approval of the Court of Kings Bench of Alberta on November 7, 2023, and, assuming such order is granted on the terms contemplated by CWC and Precision, closing of the Arrangement is expected to occur on or about November 8, 2023.
CIBC Capital Markets (?CIBC?) is acting as financial advisor to CWC. CIBC has provided a verbal opinion to CWC?s Board of Directors to the effect that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications to be set forth in the written opinion of CIBC, the consideration to be received by CWC shareholders under the Agreement is fair, from a financial point of view, to CWC shareholders. James Kidd of Burnet, Duckworth and Palmer LLP is acting as CWC?s legal advisor. Evercore is acting as financial advisor and Andrea Whyte and Justin Sherman of Osler, Hoskin & Harcourt LLP is acting as legal advisor and due diligence provider to Precision. Computershare Trust Company of Canada and Computershare Investor Services Inc. acted as depositary to CWC.
Precision Drilling Corporation (TSX:PD) completed the acquisition of CWC Energy Services Corp. (TSXV:CWC) from BBU Alta Investments L.P., Brookfield BBP (CANADA) LP, Canada Pension Plan Investment Board, directors, officers and others on November 8, 2023. CWC obtained a final order in respect thereof from the Court of King?s Bench of Alberta on November 7, 2023.