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.
Recommended Reading
Energy Transition in Motion (Week of Dec. 13, 2024)
2024-12-13 - Here is a look at some of this week’s renewable energy news, including the latest on explosive growth in grid-scale energy storage installations.
Energy Transition in Motion (Week of Jan. 17, 2025)
2025-01-17 - Here is a look at some of this week’s renewable energy news, including more than $8 billion more in loans closed by the Department of Energy’s Loan Programs Office.
Ameren’s Huck Finn Solar Project Begins Commercial Operations
2025-01-09 - Ameren Missouri’s Huck Finn Renewable Energy Center commenced solar operations in December to service Audrain and Ralls counties, Missouri.
Powerhouse: Enbridge Boosting Renewables, NatGas to Meet Surging Demand
2024-12-18 - As the need for clean and lower-carbon power grows, Enbridge is among the companies taking an all-of-the-above approach.
Energy Transition in Motion (Week of Jan. 10, 2025)
2025-01-10 - Here is a look at some of this week’s renewable energy news, including guidance on technology-neutral clean electricity credits.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.