Expro, a leading provider of energy services, has completed its acquisition of Coretrax, a technology leader in performance drilling tools and wellbore cleanup, well integrity, and production optimization solutions based in Aberdeen, Scotland. The effective date of closing was May 1, 2024.
The acquisition of Coretrax, from an investment group led by Buckthorn Partners, will enable Expro to expand its portfolio of cost-effective, technology-enabled Well Construction and Well Intervention & Integrity solutions.
Michael Jardon, Expro Chief Executive Officer, said, 'This is an exciting day as we officially welcome John Fraser and his Coretrax teammates to the Expro family. We expect the acquisition to accelerate the growth of Coretrax’s innovative, high value-adding drilling optimization, well integrity and production enhancing technology solutions by leveraging Expro’s global operating footprint.
'Integrating Coretrax’s leading technologies will strengthen our current foothold in the Europe and Sub-Saharan Africa and Middle East and North Africa regions and is expected to open new avenues for growth in North and Latin America and Asia-Pacific. We look forward to leveraging the complementary capabilities and customer relationships of Expro and Coretrax to deliver additional value to our customers and other stakeholders.'
John Fraser, CEO at Coretrax added, 'This marks the beginning of a brand-new chapter for Coretrax as we unite with Expro to expand our capabilities. Completing this agreement means both organizations working in sync to take on the most complex well challenges. We are proud of our innovation-led approach, strong customer base and performance history as we join forces with Expro to create greater value for customers around the globe.'
Total consideration paid at closing was comprised of $75 million of cash and 6.75 million newly issued Expro common shares.
Wells Fargo Securities is serving as financial advisor to Expro and CMS Cameron McKenna Nabarro Olswang is acting as legal counsel on the transaction. Evercore is serving as financial advisor, Blackwoods is acting as legal counsel to Coretrax, and Sidley Austin is acting as legal counsel to Buckthorn Partners on the transaction.
Source: Expro
