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Varcoe: Energy consolidation escalates as rising oil price eases urgency
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Wednesday s analyst upgrades and downgrades - The Globe and Mail
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The Drilldown: Alberta, Ottawa say yes to carbon capture
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Canada’s Secure Energy Services Inc said on Tuesday it would buy waste management services firm Tervita Corp in an all-stock deal valued at $478 million, the latest consolidation in the country’s oil sector.
The deal, which will value the combined company at around $2.3 billion, comes as oil and gas companies seek to benefit from a recent run-up in crude oil prices while keeping a tight leash on costs.
Secure Energy shares soar on $478-million friendly Tervita takeover
by The Canadian Press
Last Updated Mar 9, 2021 at 10:58 am EDT
CALGARY Shares in Secure Energy Services Inc. were trading higher after it announced an all-stock deal to buy oilfield waste disposal rival Tervita Corp., the latest in a string of consolidation transactions in the oilpatch.
Secure is offering 1.2757 common shares for each Tervita share in the friendly deal between the Calgary-based companies which values Tervita at $478 million at Secure’s Monday closing price of $3.24.
Secure’s shares rose by as much as 15.7 per cent on Tuesday morning to $3.75, however, while Tervita’s shares fell by as much as 7.3 per cent to $4.29.