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FMC Technologies and Pure Energy Services have executed a definitive acquisition agreement under which FMC will acquire Pure for approximately US$285 million.
“Consistent with our strategy to grow shale related businesses, we are expanding into flowback services which complement the existing products and services of our surface technologies segment,” said John Gremp, FMC’s chairman and CEO.
Under the terms of the acquisition agreement, the acquisition will be accomplished by way of a plan of arrangement pursuant to the Business Corporations Act (Alberta). The proposed arrangement is subject to certain conditions including, the approval by the holders of Pure shares and options representing at least two-thirds of votes cast in person or by proxy at the meeting of Pure shareholders to be held to approve the Arrangement; the Court of Queen’s Bench of Alberta; and relevant regulatory authorities.
Under the arrangement agreement, Pure has agreed that it will not solicit, initiate, or participate in any discussions concerning any other acquisition proposals, subject to the ability of Pure to respond to superior proposals in certain circumstances. A copy of the arrangement agreement will be filed on Pure's SEDAR profile and will be available for viewing at www.sedar.com.
The Pure security holders’ meeting to approve the Arrangement is currently expected to be held by mid-October 2012, and the closing of the arrangement is currently anticipated to be completed in October 2012.