Hunting divests Gibson Energy Holdings
The total consideration for Gibson is C$1.26 billion, of which C$1.16 billion was paid in cash on completion. The total consideration for Gibson is subject to a deduction for estimated debt within Gibson of C$215 million as of the completion, and includes estimated net working capital in Gibson of C$158 million at completion. These estimates for debt and net working capital are subject to audit. The company has also announced that Terry Gomke, president and CEO of Gibson, has stepped down from the board of Hunting. Dennis Proctor, CEO of Hunting, said: "We are delighted to have completed the disposal of Gibson, in what has been a challenging time for global markets. With the proceeds of the transaction in place, I am confident that the board will successfully conclude a number of acquisitions which will enable Hunting to continue its impressive growth."