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 price is $24.75 per KEC share in cash, totaling approximately $1 billion, including debt.
- Funding is provided by NGP Energy Capital Management and Carlyle Group.
- ARC Financial Corp will roll 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.
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Author's summary: Cygnet Energy acquires Kiwetinohk Energy for $1bn.