On July 3, 2025, Trican Well Service Ltd. (TSX: TCW) announced a definitive agreement to acquire all issued and outstanding shares of Iron Horse Energy Services for approximately $77.35 million in cash and 33.76 million Trican common shares. Based on the share price at closing on July 2, 2025, the total implied value of the transaction is estimated to be over CAD 200 million. Iron Horse, a premier provider of fracturing and coiled tubing services in key plays of the Western Canadian Sedimentary Basin, brings a 20-year record of operational and financial excellence. The acquisition enhances Trican’s geographic and service footprint, adding four fracturing spreads and ten coiled tubing units, and is expected to be immediately accretive to EBITDA, earnings, and free cash flow.

Trican’s board also approved a 10% increase in its quarterly dividend to $0.055 per share, effective upon closing, funded by the anticipated free cash flow from the transaction. The acquisition will result in Iron Horse operating as a wholly owned division of Trican, retaining its management and employees. Tom Coolen, Iron Horse’s Chairman and CEO, will join Trican’s board post-closing. The transaction remains subject to Competition Act approval and TSX listing approval for the share issuance.

RBC Capital Markets and Osler, Hoskin & Harcourt LLP advised Trican, while Peters & Co. Limited and Torys LLP advised Iron Horse. The deal is expected to close in the second half of 2025.