On October 17, 2025, STEP Energy Services Ltd. (TSX: STEP) agreed to be taken private by ARC Energy Fund 8 and 2659160 Alberta Ltd., advised by ARC Financial Corp., in an all-cash transaction valued at $5.50 per share and a 29% premium to the September 24, 2025 closing price. This renewed bid followed the mutual termination of a previous 2024 agreement after the parties failed to secure the required minority shareholder approval, with no liability or cost to either party. The new arrangement, unanimously approved by STEP’s board, is subject to shareholder—including minority shareholder—approval, court approval, and customary closing conditions, with closing expected by December 16, 2025. ARC secured voting support from holders of about 32.11% of all shares and 71.71% of minority shares, bringing total committed support—including ARC and insiders—to 87.33% of outstanding shares.

The Special Committee, advised by Peters & Co. Limited, received an independent valuation and fairness opinion from EY, which found the offer within the fair market value range of $4.80 to $5.70 per share. Burnet, Duckworth & Palmer LLP acted as legal advisor to the Special Committee, Stikeman Elliott LLP advised STEP, and ARC’s advisors included RBC Capital Markets, ATB Capital Markets, and Norton Rose Fulbright Canada LLP, with ATB Financial providing a fully underwritten senior credit facility.

STEP’s shares are expected to be delisted from the TSX upon completion.