Flint Energy Services Ltd. has entered into a definitive agreement to Carson Energy Services Ltd, a privately held energy services company based in Saskatchewan, Canada.
The purchase price to be paid at closing is comprised of $112 million in cash and 2,121,212 Flint common shares, plus up to an additional $30 million earn-out spread over the next three years, subject to closing adjustments. Payment of the earn-out portion of the purchase price is dependent upon Carson meeting EBITDA targets of $40 million per year.