Entrec to acquire GT's Crane and Transportation Services
By Laura Hatton06 June 2013
Entrec Corporation, a provider of heavy lift and heavy haul services, has acquired Alberta, Canada-based GT's Crane and Transportation Services, Inc.
The deal will include the acquisition of all of GT’s operating subsidiaries.
GT's has 180 employees and operates a fleet of 45 cranes, including all terrain, rough terrain and picker trucks, valued at approximately US$37 million.
The purchase price will involve Entrec issuing 9,054,336 of its common shares and paying $37,223,380 in cash. The company will also issue an unsecured promissory note of $7,293,770 bearing interest at an annual rate of 7.25% and due 2 July 2016.
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