Closing of the transaction is expected to occur on or before March 15, 2016. Closing of the transaction is subject to Hart-Scott-Rodino Act approval as well as certain other customary conditions precedent. A break fee equal to USD $20 million is payable by Keane to Trican in the event of a financing failure and a USD $55 million fee is payable by Keane to Trican if the transaction is not consummated in certain other limited circumstances. Dale Dusterhoft, Chief Executive Officer, commented, "The proposed transaction with Keane will strengthen Trican's balance sheet and will allow Trican to focus on generating profits from our remaining businesses. The cash proceeds from the transaction allow Trican to substantially reduce its overall debt levels and revise our covenant package to allow the Corporation to manage through this point of the commodity cycle and positions it to create long-term value.