The acquisition of IROC Energy Services Corp. (TSXV:ISC) by Western Energy Services Corp. (TSX:WRG) was completed on Monday.
Western Energy reported that the deal, which was first announced on Feb. 22, was approved at a special meeting of IROC shareholders on Friday and also approved by the Court of Queen’s Bench, pursuant to the Canada Business Corporations Act, that same day.
Western Energy acquired all of the outstanding shares of IROC in exchange for a combination of $62.9 million in cash and 12,353,040 Western Energy shares. The transaction was valued at approximately $184.8 million, including the assumption of approximately $37.9 million in debt.
IROC, which had its operational headquarters in Red Deer, is expected to be de-listed from the TSX Venture Exchange within three business days.
On Friday, S&P Dow Jones Canadian Index Services announced that it was removing IROC from the S&P/TSX Venture Composite and Venture Select indices.