PE Deals

ARC Financial and Step Energy Services cancel take-private deal

The decision to terminate the deal was made after it became clear that the requisite minority shareholder approval could not be achieved.

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  • ARC earlier this week said it would not increase the C$5 per share consideration
  • Founded in 2011, Calgary-based Step provides coiled tubing, fluid and nitrogen pumping and hydraulic fracturing solutions
  • Based in Calgary, ARC Financial is an energy-focused private equity firm

ARC Financial Corp and Step Energy Services, a Canadian oilfield services company, have mutually agreed to terminate the previously announced take-private acquisition of Step by ARC.

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