Precision Drilling and Trinidad Drilling propose a merger
On October 5, oilfield equipment & services (or OFS) company Precision Drilling Corporation (PDS) entered into an agreement to acquire Trinidad Drilling Limited (TDGCF) (TSX: TDG). Per the agreement, PDS will acquire all of the outstanding common shares of Trinidad Drilling in exchange of 0.445 common shares of PDS. The aggregate Transaction value was approximately $1.03 billion at the time of the merger agreement. This includes ~$477 million in TDG net debt. The merger is expected to be completed in 2018.
The proposed merger will