Expanding their presence in the oil and gas technology sector

  • Pason Systems to acquire remaining shares of Intelligent Wellhead Systems for C$88.3M
  • Pason Systems initially invested in IWS in 2019 and currently holds a non-controlling stake
  • The deal is expected to close on January 1st
  • Pason will finance the deal with cash on hand and assume debt of about $7M at closing

Pason Systems, a Calgary-based data-management provider for drilling rigs, has announced its acquisition of the remaining shares of Intelligent Wellhead Systems (IWS) for C$88.3 million. This move comes after Pason’s initial investment in IWS in 2019, where they acquired a non-controlling stake. The deal, expected to close on January 1st, will be financed by Pason using cash on hand and assuming a debt of approximately $7 million. With this acquisition, Pason Systems aims to further expand its presence in the oil and gas technology sector.

Public Companies: Pason Systems (N/A)
Private Companies: undefined
Key People: Ben Glickman (N/A)

Factuality Level: 8
Justification: The article provides factual information about Pason Systems acquiring the remaining shares of Intelligent Wellhead Systems. It includes details about the initial investment, the financing of the deal, and the expected closing date. There are no digressions, misleading information, sensationalism, redundancy, or opinion masquerading as fact. The article is concise and sticks to the main topic.

Noise Level: 8
Justification: The article provides basic information about Pason Systems acquiring Intelligent Wellhead Systems. However, it lacks in-depth analysis, evidence, and actionable insights. It does not explore the consequences of the acquisition or discuss any long-term trends or antifragility. The article stays on topic but does not provide much value beyond the basic details of the deal.

Financial Relevance: Yes
Financial Markets Impacted: Pason Systems

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: This news article pertains to a financial topic as it discusses Pason Systems acquiring the remaining shares of Intelligent Wellhead Systems. There is no mention of an extreme event in the article.

Reported publicly: www.marketwatch.com