Trican Well Service Ltd. has announced an agreement to acquire Iron Horse Energy Services for approximately $77.35 million in cash and 33.76 million common shares. Iron Horse, a privately owned fracturing and coiled tubing services provider operating mainly in the Western Canadian Sedimentary Basin, brings over 20 years of operational and financial excellence. This acquisition expands Trican’s fracturing footprint, adds coiled tubing integrated fracturing expertise, and increases its presence in Alberta and Saskatchewan with over four fracturing spreads and 10 coiled tubing units. The deal is expected to deliver immediate financial benefits to Trican shareholders, including significant EBITDA and free cash flow accretion, and supports a 10% increase in Trican’s quarterly dividend.

Following the acquisition, Iron Horse will operate as a wholly owned division of Trican, retaining its management and employees while leveraging Trican’s resources to grow its market presence. The acquisition strategically enhances Trican’s scale, diversifies its commodity exposure, and strengthens its competitive position among North American completions service providers. Trican plans to use the additional free cash flow from the acquisition to fund growth initiatives, repay debt, and return value to shareholders through dividends and share repurchases. The transaction is expected to close in the second half of 2025, subject to regulatory approvals.