Trican has announced the sale of its U.S. Pressure Pumping business for US$200 mm (C$285 mm) plus a 10% equity investment, to Keane Group, a privately held U.S. Services company, and concurrently announced newly amended covenant relief with lenders. Total estimated transaction value is $352 to $405 mm. We estimate the EV/Replacement value metric at 32% after adjustments for working capital and EV/HP at $474. Both of these are respectable metrics. We are increasing our 12-month target price to $2 ....
