Canadian Manufacturing

Pure Energy agrees to $282-million takeover

Houston-based technology services firm FMC is offering $11 per share

CALGARY—Oilfield services company Pure Energy Services Ltd. has agreed to be taken over by Houston-based FMC Technologies Inc. for about $282 million.

The deal needs two-thirds shareholder support, as well as court and regulatory approval. The transaction is expected to close by the end of October.

FMC chairman and CEO John Gremp said his company is looking to grow its shale gas business and calls Pure an industry leader.

Pure’s board of directors has unanimously endorsed the agreement with FMC.

Pure shares soared nearly 40 per cent to $10.93 in mid-morning trading on the Toronto Stock Exchange.

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