High Arctic Energy Services Inc. to be Acquired by Newport Capital Ltd.

High Arctic Energy Services Inc. agreed to be acquired by Newport Capital Ltd. for $1.59 per outstanding common share in cash, an aggregate base purchase price of approximately $20.2 million. Shareholders are also expected to receive an additional cash distribution of $0.20 to $0.30 per share, with the final amount based on working capital at closing. The transaction is expected to close in December 2026 and no later than February 28, 2027. High Arctic said the deal offers value compared with other strategic alternatives and cited the discount between its share price and underlying value as limiting its ability to use shares for acquisitions.