STEP Energy Services To Go Private In C$5.50/shr All-Cash Deal With ARC Financial

(RTTNews) - STEP Energy Services Ltd. (STEP.TO) announced that it has entered into a definitive arrangement agreement with 2659160 Alberta Ltd. and the limited partnerships comprising ARC Energy Fund 8, a private equity fund advised by ARC Financial Corp., to take the Company private through an all-cash transaction.

This follows STEP's September 25, 2025 news release regarding ARC's non-binding offer. Under the terms of the Arrangement Agreement, ARC will acquire all issued and outstanding common shares of STEP not already owned or controlled by ARC or ARC Energy Fund 6 for cash consideration of C$5.50 per share via a statutory plan of arrangement.

The purchase price represents a premium of approximately 29% over STEP's closing share price on the TSX as of September 24, 2025.

The Arrangement has been unanimously approved by STEP's board of directors eligible to vote and remains subject to approval by shareholders, including the holders of the Minority Shares, court approval, and customary closing conditions.

Closing is anticipated on or around December 16, 2025, following the STEP shareholder meeting and receipt of the final order from the Court of King's Bench of Alberta. Upon completion, STEP's shares will be delisted from the TSX, and the Company will apply to cease being a reporting issuer.

STEP Energy Services will continue to operate under its current management team, led by President and Chief Executive Officer Steve Glanville.