お知らせ • Jul 16
Cathedral Energy Services Ltd. (TSX:CET) completed the acquisition of Drilling services business of Altitude Energy Partners, LLC for $88.7 million.
Cathedral Energy Services Ltd. (TSX:CET) entered into an agreement to acquire Drilling services business of Altitude Energy Partners, LLC for $88.7 million on July 4, 2022. Under the terms of transaction, Cash consideration of $62.67 million which will be funded through cash on hand and expanded credit availability under the Company term and revolving credit facilities and the issuance of 67.031167 million Shares of Cathedral Energy Services Ltd. The company plans to operate under the Altitude name and brand in the US.
Lee Harns, the current President and CEO of Altitude, will enter into an employment agreement to continue as President of the Altitude business unit after the Acquisition, and accordingly will become an executive officer of Cathedral. Following the completion of the Acquisition, Harns is expected to exercise control over approximately 13,203,103 Common Shares representing approximately 6.2% of the issued and outstanding Common Shares. J.R. Boyles, a director and founder of Altitude, will be appointed to Cathedral's board of directors, subject to the completion of ordinary course due diligence prior to closing of the Acquisition. Following the completion of the Acquisition, it is expected that Boyles will exercise control over approximately 19,449,197 Common Shares, representing approximately 9.1% of the issued and outstanding Common Shares.
Peters & Co. Limited is acting as financial advisor to Cathedral with respect to the Acquisition and has provided its opinion to the board of directors of Cathedral that, based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be paid by Cathedral pursuant to the Acquisition is fair, from a financial point of view, to Cathedral. Acumen Capital Finance Partners Limited has also provided an opinion to the board of directors of Cathedral that, based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be paid by Cathedral pursuant to the Acquisition is fair, from a financial point of view, to Cathedral. ATB Capital Markets, Canaccord Genuity Corp., Cormark Securities Inc., and Stifel FirstEnergy are acting as strategic advisors to Cathedral with respect to the Acquisition. DS Lawyers Canada LLP, Porter Hedges LLP and Gordon Lusky LLP acted as legal advisor to Cathedral. Parks Paton Hoepfl & Brown, LLC (PPHB) acted as Altitude and Black Bay's financial advisor and investment bank with respect to the Acquisition. Fishman Haygood and Stikeman Elliot acted as legal advisor to Altitude and Black Bay.
Cathedral Energy Services Ltd. (TSX:CET) completed the acquisition of Drilling services business of Altitude Energy Partners, LLC for $88.7 million on July 14, 2022. The Purchase Price was satisfied through the issuance of 67.031032 million common shares in the capital of Cathedral ("Common Shares") and a cash amount of $62.675 million. The Altitude management team and its people will lead and operate Cathedral's existing US directional drilling business. Lee Harns, the current President and Chief executive officer of Altitude, will remain as President of the business unit. Joining Lee Harns will be Tyler Clark, the current Chief operating officer, and Alex Bougaieff, the current chief financial officer, along with several other key long-standing employees and the entire Altitude operational team.