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.
KEC will be acquired for C$24.75 per share in cash, totaling approximately C$1.4 billion ($1 billion), including debt.
- Funding is being 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.
No direct quote available in the given text.
Author's summary: Cygnet Energy acquires KEC for $1 billion.
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