Element Technical Services Inc. entered into an agreement to acquire Essential Energy Services Ltd. (TSX:ESN) for CAD 60.5 million on September 15, 2023. As part of consideration, Element Technical will pay CAD 0.40 in cash for each Essential Energy Services share. Upon closing of the transaction, Essential shares will be de-listed from the TSX.

The transaction is subject to approval of Essential shareholders and the approval of the TSX and certain regulatory and other approvals customary in transactions of this nature. Essential's board of directors has unanimously approved the transactiona and recomended that Essential shareholders vote in favor of the merger.