STEP Energy's Top Shareholder Bids for Rest of Company

Dow Jones

2025/09/25

By Colin Kellaher

STEP Energy Services' majority shareholder has made a non-binding offer to buy the rest of the provider of coiled tubing, fluid and nitrogen pumping, and hydraulic-fracturing solutions.

STEP on Thursday said energy-focused private-equity firm ARC Financial has proposed paying 5.50 Canadian dollars (US$3.96) apiece for shares of the Calgary, Alberta, company it doesn't already own, a 29% premium to Wednesday's closing price of C$4.26.

ARC currently owns or exercises control or direction of more than 55% of STEP's shares outstanding.

STEP said its board has formed a special committee of independent directors to review and consider the offer.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 25, 2025 06:28 ET (10:28 GMT)

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