Cygnet Energy to Acquire Kiwetinohk Energy for $1 Billion
Cygnet Energy, backed by NGP Energy Capital Management, has agreed to acquire Kiwetinohk Energy Corp (KEC), a Calgary-based producer of natural gas, natural gas liquids, oil, and condensate.
The acquisition will be made for C$24.75 per KEC share in cash, totaling approximately C$1.4 billion ($1 billion), including debt. Funding is primarily provided by NGP Energy Capital Management and Carlyle Group, with ARC Financial Corp rolling over a portion of its KEC shares into Cygnet common shares.
The acquisition is expected to close in late December via a plan of arrangement under the Canada Business Corporations Act.
No statement from the companies.
Author summary: Cygnet Energy acquires KEC.
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