Cygnet Energy to Acquire Kiwetinohk
Cygnet Energy, a privately held company, will acquire Kiwetinohk Energy in an all-cash deal valued at C$1.4 billion, including debt.
The acquisition creates a larger Montney and Duvernay operator, as these areas in Alberta are among Canada's most prolific shale oil and gas plays, driving recent production growth.
Cygnet will pay C$24.75 per share, representing a 10.4% premium to Kiwetinohk's last close.
- Deal value: C$1.4 billion
- Payment per share: C$24.75
- Premium to last close: 10.4%
No comment from the companies on the potential impact on the industry.
Author's summary: Cygnet Energy acquires Kiwetinohk in C$1.4 billion deal.
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