{"url":"https://newsforagent.com/news/2026-11-14/high-arctic-newport-capital-acquisition","markdown_url":"https://newsforagent.com/news/2026-11-14/high-arctic-newport-capital-acquisition.md","title":"High Arctic Energy Services to Be Acquired for $20.2 Million","headline":"High Arctic Energy Services Signs $20.2 Million Go-Private Deal With Newport Capital","description":"High Arctic Energy Services agreed to a $20.2 million all-cash buyout by Newport Capital at $1.59 per share, plus a planned $0.20 to $0.30 distribution.","section":"Mergers & Acquisitions","published_at":"2026-11-14T01:19:10+00:00","modified_at":"2026-11-14T01:19:10+00:00","author":"News Desk","key_takeaways":["Newport Capital will acquire all High Arctic Energy Services shares for $1.59 each in cash, an aggregate base purchase price of about $20.2 million.","High Arctic shareholders are expected to receive an additional cash distribution of $0.20 to $0.30 per share, set by working capital at closing.","Directors, officers and FBC Holdings Sàrl, holding about 49.2% of shares, have agreed to vote in favour of the arrangement."],"companies":[{"name":"High Arctic Energy Services","is_primary":true,"profile_url":"https://akta.pro/company-profiles/000rjy7/high-arctic-energy-services","website":"https://www.haes.ca"}],"source":{"publisher":"GlobeNewswire","title":"High Arctic Energy Services Inc. Enters into a Definitive Agreement to be Acquired by Newport Capital in a Go-Private Transaction and Announces Intent to Make a Cash Distribution to Shareholders","url":"https://www.globenewswire.com/news-release/2026/11/14/3403026/0/en/high-arctic-energy-services-inc-enters-into-a-definitive-agreement-to-be-acquired-by-newport-capital-in-a-go-private-transaction-and-announces-intent-to-make-a-cash-distribution-to.html"},"other_sources":[],"tags":["Mergers & Acquisitions","High Arctic Energy Services"],"body_markdown":"[High Arctic Energy Services](https://akta.pro/company-profiles/000rjy7/high-arctic-energy-services) Inc. has agreed to be acquired by Newport Capital Ltd. in an all-cash deal valued at about $20.2 million, or $1.59 per share, the company said in a [GlobeNewswire](https://www.globenewswire.com/news-release/2026/11/14/3403026/0/en/high-arctic-energy-services-inc-enters-into-a-definitive-agreement-to-be-acquired-by-newport-capital-in-a-go-private-transaction-and-announces-intent-to-make-a-cash-distribution-to.html) announcement on November 13, 2026. High Arctic is a Calgary-based oilfield services company that rents pressure control and well stimulation equipment to exploration and production customers in Western Canada. Newport Capital is the buyer named in the arrangement agreement.\n\n## High Arctic's $1.59 Cash Buyout Terms\n\nThe arrangement agreement, dated November 13, 2026, calls for Newport, directly or through a wholly-owned subsidiary, to acquire all issued and outstanding High Arctic shares for $1.59 in cash each, subject to adjustment. The aggregate base purchase price is $20.2 million. The per-share price represents a premium of approximately 19% to the closing price on the TSX on November 13, 2026, about 27% to the 20-day volume-weighted average trading price for the period ended that date, and about 77% to the closing price on May 14, 2026, when the board began its strategic review.\n\nShareholders are also expected to receive a cash distribution by way of a return of capital and/or a dividend of $0.20 to $0.30 per share. The final amount depends on working capital at closing above a target of $2.4 million and is subject to approval by Newport and the board. The transaction is expected to close in December 2026 and in any event before February 28, 2027, and is not subject to a financing condition.\n\n\"This transaction and additional cash distribution to shareholders represents the successful culmination of the Board of Directors strategic review and delivers compelling and immediate value to High Arctic shareholders,\" said Simon Batcup, Chairman of the Board of Directors.\n\n## High Arctic's Financial Profile Before the Deal\n\nAccording to akta.pro [company records](https://akta.pro/company-data), High Arctic reported revenue of $10.6 million from continuing operations in fiscal 2025, a modest increase from the prior year, and net income of $356 thousand, a turnaround from a net loss of $2.1 million in fiscal 2024. Adjusted EBITDA was $2.0 million in fiscal 2025, a 90% increase from the prior year. The company was founded in 1993 and maintains a 42% equity investment in Team Snubbing.\n\n## High Arctic's Path From Spin-Off to Sale\n\nIn August 2024, High Arctic completed a reorganization that spun out its Papua New Guinea business to shareholders as High Arctic Overseas Holdings Corp., returning CAD 37.8 million of capital and refocusing on Canadian rental and snubbing operations, according to akta.pro company records. In August 2025, Mike Maguire resigned as CEO and Lonn Bate, previously interim CFO, was appointed interim CEO, the same records show. In June 2026, interim CFO Jay Bachman resigned and Dorraine Neal, previously corporate controller, was appointed interim CFO.\n\n## High Arctic's December Shareholder Vote\n\nHigh Arctic's special meeting of shareholders to consider the arrangement resolution is expected to be held in December 2026. The arrangement requires approval by at least 66⅔% of votes cast, and the Court of King's Bench of Alberta must also approve it. Following completion, the shares are expected to be delisted from the TSX.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}