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US oil and gas services group Axip Energy Services LP, former Valerus Compression Services LP, unveiled a cash deal worth USD430m (EUR316m) to sell its international services business to Canada-based peer Enerflex Ltd (TSE:EFX).
Axip plans to use the proceeds from the disposal to re-invest in its domestic contract services businesses, as well as to pay down debt, it said, adding that this move and the previous sale of Valerus Field Solutions unit earlier in 2014, will result in a totally focused business, ready to continue its fast growth in the US shale plays.
Some 170 employees and Axip's international contract operations will transfer to Enerflex, which said in a separate statement that the addition serves its plans of increasing recurring revenue streams and expanding geographic markets, in line with strategy of converting into a global turnkey energy solutions supplier, with compression, processing and electric power equipment sales, aftermarket service and contract operations.
Barclays Plc (LON:BARC) and Vinson & Elkins LLP are advising Axip, while Scotiabank is acting as advisor to Enerflex.