Cygnet Energy to Acquire Kiwetinohk Energy
Cygnet Energy has agreed to acquire Kiwetinohk Energy Corp (KEC), a Calgary-based producer of natural gas, natural gas liquids, oil, and condensate.
The acquisition is valued at approximately C$1.4 billion ($1 billion), including debt, with Cygnet agreeing to pay C$24.75 per KEC share in cash.
- Funding for the acquisition is being provided primarily by NGP Energy Capital Management and Carlyle Group.
- ARC Financial Corp, an existing investor of Cygnet and shareholder of KEC, will roll over a portion of its KEC shares into common shares of Cygnet.
The acquisition is expected to close in late December by way of a plan of arrangement under the Canada Business Corporations Act.
No additional comments were provided.
Author summary: Cygnet Energy acquires Kiwetinohk Energy for $1bn.
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