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.
- Cygnet will acquire KEC's shares for C$24.75 per share in cash.
- The total acquisition consideration is approximately C$1.4 billion ($1 billion), including debt.
Funding for the acquisition is 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 direct quote available in the text.
Author's summary: Cygnet Energy acquires Kiwetinohk Energy for $1 billion.