Complete Production Services, Inc. Announces Agreement To Divest Rig Relocation And Heavy Haul Business
Complete Production Services, Inc. (“Complete” or the “Company”) (NYSE:CPX), announced today that it has reached an agreement to sell all of the shares of its I.E. Miller Services, Inc. (“I.E. Miller”) subsidiary to TFI Holdings USA, Inc., a subsidiary of TransForce Inc. (TSE: TFI), for approximately $110 million in cash, subject to working capital and other adjustments.
“The sale of I.E. Miller is consistent with our strategy to focus our business on completion and production services within North America’s resource plays,” commented Joe Winkler, Chairman and Chief Executive Officer. “The employees of I.E. Miller have established the business as a leader in rig relocation services, and I want to thank them for their contributions to the success of Complete over the years and wish them the best in their careers with TransForce.”
The divestiture is subject to regulatory approval, which the Company anticipates to receive during the fourth quarter of 2011.
Tudor, Pickering, Holt & Co. Securities, Inc. acted as exclusive financial advisor to Complete.Complete Production Services, Inc. is a leading oilfield service provider focused on the completion and production phases of oil and gas wells. The Company has established a significant presence in unconventional oil and gas plays in North America that it believes have the highest potential for long-term growth.
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