Trican's Iron Horse deal okayed by Competition Bureau

Executive Summary

• Trican Well Service Ltd. has received regulatory clearance (a no-action letter) from the Competition Bureau for its previously announced acquisition of Iron Horse Energy Services.
• The acquisition involves Trican acquiring all issued and outstanding shares of Iron Horse, a provider of fracturing and coiled tubing services in Western Canada.
• The transaction is expected to close on or about August 27, 2025, subject to customary conditions and TSX listing approval.

Key Details

• Regulatory Status: Received a no-action letter from the Competition Bureau, completing a critical stage of the acquisition process.
• Transaction Consideration: Iron Horse shareholders will receive approximately $77.35 million in cash and approximately 33.76 million common shares of Trican.
• Target Profile: Iron Horse is a premium provider of fracturing and coiled tubing services in the Cardium, Charlie Lake, Mannville Stack, Viking, Montney, and Shaunavon plays within the Western Canadian sedimentary basin.
• Management Changes: Upon closing, Tom Coolen, Chairman and CEO of Iron Horse, will be appointed to the Board of Directors of Trican.
• Closing Timeline: Expected to close on or about August 27, 2025.
• Conditions Precedent: Closing is subject to the satisfaction or waiver of customary closing conditions and Toronto Stock Exchange (TSX) listing approval for the common shares of Trican to be issued.

Notable Quotes

• "We are delighted to have received a no-action letter from the Competition Bureau, completing a critical stage of our acquisition process. This acquisition augments our strategy and aligns with our long-term vision for growth and innovation in Canada. We look forward to better serving customers in all areas of the basin and creating meaningful value for our shareholders," said Brad Fedora, Trican's president and chief executive officer.