06:29 AM EST, 12/20/2024 (MT Newswires) -- STEP Energy Services ( SNVVF ) late on Thursday agreed with 659160 Alberta Ltd. and the limited partnerships comprising ARC Energy Fund 8 to terminate a deal to take STEP private for $5 per share.

The companies decided on the termination after it became clear that the required minority shareholder approval could not be achieved. The termination is without liability or cost to either party.

"This outcome does not change our strategy for 2025 and onward," said Steve Glanville, president and CEO of STEP.

The deal had been scheduled to close this month.

ARC Energy Fund 8 is a private equity fund advised by ARC Financial.