CALGARY – High Arctic Energy Services Inc. (TSX:HWO) has struck an agreement to buy the production services division of Tervita Corp., an environmental services company, for $42.8 million in cash.
The deal would see High Arctic Energy Services acquire Tervita’s fleet of 68 service rigs and related support equipment, as well as seven operational bases in Alberta.
Tervita’s production services staff of about 300 would join High Arctic Energy Services.
The transaction between the two Alberta-based companies is expected to close by Wednesday.