# AKITA Drilling and Xtreme Drilling announce strategic business combination

AKITA Drilling Ltd. and Xtreme Drilling Corp. entered into a definitive arrangement agreement to combine, creating a leading intermediate North American land drilling contractor with a fleet of 44 high-spec drilling rigs. The total transaction value is approximately $209 million, including the assumption of about $10 million of Xtreme's net debt.

- Type: Acquisition
- Announced: 2018-06-05
- Where: Calgary, Alberta, Canada
- Value: $209.0M
- Status: announced
- Products: land drilling rigs
- Sectors: [Mining Equipment](https://endata.com/sectors/mining-equipment.md)

## Companies

- [AKITA Drilling Ltd.](https://endata.com/companies/32387.md) (acquirer)
- [Xtreme Drilling Corp.](https://endata.com/companies/32388.md) (target)

## Sources

- [newswire.ca](https://www.newswire.ca/news-releases/akita-drilling-ltd-and-xtreme-drilling-corp-announce-strategic-business-combination-684573551.html), 2018-06-05: "The combination with Xtreme, which has a strong operating history and rig technology credentials in the US, provides AKITA with immediate scale in the US market."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.