Precision will make an initial payment of $10.2 million at closing, with the remaining balance due in January 2023
. The transaction is subject to customary closing conditions and is expected to close before the end of the month.
In a separate statement, High Arctic also says it has signed a deal to sell its Canadian snubbing business to Team Snubbing Services Inc. in an agreement that values the assets at $11.1 million. Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.
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