Precision Drilling Acquires High Arctic's Well Servicing, Rentals Division

Precision Drilling Corp. entered an asset purchase agreement to acquire High Arctic Services Inc.'s well servicing business and associated rentals assets, according to a Precision press release on July 18.

The transaction, subject to customary commercial closing conditions, sold for an aggregate purchase price of $38.2 million in cash, with an initial $10.2 million due at closing and the remaining balance due January 2023.

With the transaction expected to close before the end of this month, CIBC Capital Markets is serving as Precision's exclusive financial advisor, and Torys LLP is serving as Precision's legal advisor.