Merger of BZAM with Final Bell Canada also in deals roundup
In a deal valued at $88.3 million, Pason intends to acquire the remaining shares of an Alberta-based oil and gas technology company not currently held by Pason. Also in this week’s deals roundup is the merger of two companies in the Canadian cannabis sector.
Pason to acquire Intelligent Wellhead Systems outstanding shares for $88.3 million
On December 5, Pason Systems Inc. announced its intention to acquire all of the remaining shares of Intelligent Wellhead Systems, Inc., an Alberta-based oil and gas technology and services company, not currently held by Pason. The deal is valued at $88.3 million.
In 2019, Pason made an initial investment in IWS, along with Werklund Growth Fund L.P., and currently possesses a non-controlling interest. Over the years, Pason has further invested a cumulative amount of $65.5 million by acquiring both common and preferred shares in IWS.
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“Starting in 2019, we have been encouraged by the traction and success IWS has achieved with the adoption of its technologies across all major basins in the United States,” said Pason President and CEO Jon Faber. “We remain optimistic about the growth prospects within our core drilling-related business, and this acquisition positions us to benefit from additional growth opportunities in the completions sector with no dilution to shareholders. As customer demands and requirements for high-quality data continue to increase across the oil and gas industry, IWS and Pason are uniquely positioned to leverage a best-in-class service and technology offering together to meet these increasing customer demands. Bringing IWS and Pason together at this time will allow us to continue making the necessary investments in our service and technology capabilities that will strengthen our competitive position to ensure we fully capture opportunities as the industry recovers.”
“Pason is a proven leader in the management and delivery of end-to-end data solutions to customers across the oil and gas sector,” said IWS CEO William Standifird. “IWS is proud to join forces with Pason in our combined efforts to develop innovative solutions for our customers, and continue to build scale from our existing technology, support and service capabilities in North America. The collective strengths of our two companies will generate significant opportunities for growth and expansion."
The deal is expected to be completed by January 1, 2024, subject to customary closing conditions.
BZAM to merge with Final Bell Canada
BZAM Ltd., a Vancouver-based cannabis producer, has agreed to acquire Final Bell Canada Inc., a cannabis supply chain solutions company headquartered in Ontario, in a deal that will result in the fifth-largest Canadian L.P.
As per the agreement, Final Bell Holdings International Ltd. (FBHI), the sole shareholder of Final Bell Canada (FBC), will receive 90,000,000 common shares of BZAM at a deemed price of $0.15 per share.
Upon deal completion, the merged corporation will serve as the Canadian headquarters for several renowned global cannabis brands, such as Cookies, Sherbinskis, and Wyld.
“This transaction combines BZAM's cultivation, production, and sales infrastructure with the exceptional portfolio of international brands that Final Bell has brought to market in Canada,” said BZAM CEO Matt Milich. “FBHI, together with Greg Boone and his team at FBC, have done an incredible job introducing the biggest names in cannabis to Canadian consumers and creating significant value in the process. We are pleased to bring this team and these brands to BZAM.”
“BZAM's demonstrated prowess in the Canadian marketplace, coupled with our brand portfolio and packaging and hardware innovation are a recipe for continued growth with many competitive advantages,” said FBHI CEO Robert Meyer.
“We are proud of the work we have done to bring many of the leading cannabis brands from California to Canada and I am excited to continue the work of developing those brands under the BZAM umbrella with the incredible resources BZAM brings to the table,” said FBC CEO Greg Boone.
The deal is expected to close by December 18, 2023, subject to customary closing conditions.