NGP-backed 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 C$24.75 per KEC share in cash.
- The total acquisition consideration is about C$1.4 billion ($1 billion), including debt.
Funding for the acquisition is being provided primarily by NGP Energy Capital Management and Carlyle Group, with ARC Financial Corp rolling 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 direct quotes available in the text.
Author's summary: Cygnet Energy acquires Kiwetinohk Energy for $1 billion.
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