By Ben Glickman
Pason Systems will acquire the remaining shares of Intelligent Wellhead Systems for 88.3 million Canadian dollars ($65 million).
The Calgary, Alberta-based data-management provider for drilling rigs said it had initially invested in IWS, a privately-owned oil and gas technology and services company, in 2019 and currently holds a non-controlling stake. Pason’s initial investment included a call option agreement allowing Pason to purchase all remaining shares at a set price.
Pason said it would finance the deal with cash on hand and would assume debt of about $7 million at closing.
The deal is expected to close Jan. 1.
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