Complete Production Services, Inc. Announces Agreement to Divest Rig Relocation and Heavy Haul Business
11 Novembre 2011 - 2:00PM
Business Wire
Complete Production Services, Inc. (“Complete” or the “Company”)
(NYSE:CPX), announced today that it has reached an agreement to
sell all of the shares of its I.E. Miller Services, Inc. (“I.E.
Miller”) subsidiary to TFI Holdings USA, Inc., a subsidiary of
TransForce Inc. (TSE: TFI), for approximately $110 million in cash,
subject to working capital and other adjustments.
“The sale of I.E. Miller is consistent with our strategy to
focus our business on completion and production services within
North America’s resource plays,” commented Joe Winkler, Chairman
and Chief Executive Officer. “The employees of I.E. Miller have
established the business as a leader in rig relocation services,
and I want to thank them for their contributions to the success of
Complete over the years and wish them the best in their careers
with TransForce.”
The divestiture is subject to regulatory approval, which the
Company anticipates to receive during the fourth quarter of
2011.
Tudor, Pickering, Holt & Co. Securities, Inc. acted as
exclusive financial advisor to Complete.
Complete Production Services, Inc. is a leading oilfield service
provider focused on the completion and production phases of oil and
gas wells. The Company has established a significant presence in
unconventional oil and gas plays in North America that it believes
have the highest potential for long-term growth.
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