STEP provides coiled tubing, fluid and nitrogen pumping and hydraulic fracturing solutions in the U.S. and Canada. (Source: Shutterstock)
Hydraulic fracturing servicer STEP Energy Services has terminated its agreement with ARC Energy Fund 8 to go private in an all-cash transaction after determining that it couldn’t get enough support from shareholders.
In the agreement announced Nov. 4, STEP said its board of directors unanimously approved the acquisition of ARC, a private equity fund advised by ARC Financial Corp., for CA$5 per share (US$3.48).
"We entered into this agreement believing that this was in the best interest of STEP and delivered value to our STEP shareholders,” said Steve Glanville, president and CEO. “This outcome does not change our strategy for 2025 and onward.”
STEP shares were trading at CA$4.10 (US$2.86) at 9:08 a.m. Dec. 20 compared to CA$5 (US$3.48) on Nov. 4.
“The termination is without liability or cost to any party,” the company said in a news release. STEP provides coiled tubing, fluid and nitrogen pumping and hydraulic fracturing solutions in the U.S. and Canada.
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