CALGARY, Alberta--(BUSINESS WIRE)--STEP Energy Services Ltd. ("STEP") (TSX:STEP) and ARC Energy Fund 8 Canadian Limited Partnership, ARC Energy Fund 8 United States Limited Partnership, ARC Energy Fund 8 International Limited Partnership and ARC Capital 8 Limited Partnership (collectively, "ARC Energy Fund 8†), a private equity fund advised by ARC Financial Corp. ("ARC†), are pleased to announce the successful closing of the previously announced take-private transaction involving STEP. The transaction w ...

CALGARY, Alberta--(BUSINESS WIRE)--STEP Energy Services Ltd. ("STEP" or the "Company") is pleased to announce that the Court of King's Bench of Alberta has granted the final order in respect of the previously announced plan of arrangement (the "Arrangement") involving ARC Energy Fund 8 Canadian Limited Partnership, ARC Energy Fund 8 United States Limited Partnership, ARC Energy Fund 8 International Limited Partnership and ARC Capital 8 Limited Partnership (collectively, "ARC Energy Fund 8"), 2659160 Alberta ...

FORWARD-LOOKING INFORMATION AND STATEMENTS: CALGARY, Alberta--(BUSINESS WIRE)--STEP Energy Services Ltd. ("STEP" or the "Company") is pleased to announce that the shareholders of STEP (the "Shareholders"), at the special meeting of Shareholders held today (the "Meeting"), approved an arrangement (the "Arrangement") involving ARC Energy Fund 8 Canadian Limited Partnership, ARC Energy Fund 8 United States Limited Partnership, ARC Energy Fund 8 International Limited Partnership and ARC Capital 8 Limited Partne ...

Core Points - STEP Energy Services Ltd. has initiated the process of sending its management information circular for a special meeting of shareholders to approve a plan of arrangement involving ARC Energy Fund 8 and 2659160 Alberta Ltd. [1] - Shareholders will receive $5.50 in cash per share, representing a significant premium over recent trading prices [2][4][10]. Arrangement Details - The cash consideration of $5.50 per share reflects a premium of approximately 29.11% to the closing price of $4.26 on September 24, 2025, the last trading day before the announcement [4][10]. - The premium also includes 27.61% to the 10-day volume-weighted average price and 28.81% to the 30-day volume-weighted average price as of the same date [5][10]. - The arrangement is supported by a special committee of independent directors who unanimously recommend that minority shareholders vote in favor of the arrangement [9][12]. Shareholder Support - Voting support agreements have been secured from shareholders holding approximately 68.11% of the shares held by minority shareholders, ensuring sufficient votes for the arrangement [11][12]. - Overall, approximately 87.33% of shares are represented in support of the arrangement, indicating strong backing from shareholders [12]. Meeting and Voting Information - The special meeting will be held virtually on December 12, 2025, with a proxy deadline of December 11, 2025 [23][27]. - Shareholders are encouraged to vote in advance and can access meeting materials electronically due to potential delays from the Canada Post disruption [3][6]. Valuation and Fairness - Ernst & Young LLP provided a formal valuation indicating the fair market value of the shares is between $4.80 and $5.70, positioning the offered consideration favorably [15]. - The fairness opinion concluded that the arrangement is fair from a financial perspective for minority shareholders [15]. Strategic Considerations - The arrangement is viewed as more favorable than maintaining the status quo, given the controlling stake of ARC Funds and limited strategic alternatives available to STEP [17][18]. - The arrangement is the result of arm's-length negotiations, ensuring that the terms are reasonable and customary [19][20].

Core Points - STEP Energy Services Ltd. has received a non-binding offer from ARC Financial Corp. to acquire 100% of the issued and outstanding common shares not currently owned by ARC at a price of $5.50 per share [2][4] - ARC Financial Corp. currently owns 55.22% of STEP's common shares [2] - STEP's board has formed a special committee of independent directors to review the offer and has engaged financial and legal advisors for this process [3] Company Overview - STEP Energy Services Ltd. is an energy services company providing coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing solutions [5] - The company has evolved since its founding in 2011 into a North American service provider, focusing on completion and stimulation services primarily in Canada and the U.S. [6] - STEP operates in key regions such as the Western Canadian Sedimentary Basin and the Permian Basin in the U.S. [6] Corporate Governance - The special committee formed by STEP's board includes independent directors Edward LaFehr (Chair), James Harbilas, and Rachel Moore [3] - Legal and financial advisors have been appointed to assist the special committee in evaluating the offer [3]