Tourmaline Oil to Buy Crew Energy in $947 Million Deal
- Company pushes further into ranks of biggest energy producers
- Acquisition follows C$1.5 billion Bonavista deal last year
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Tourmaline Oil Corp. agreed to buy Crew Energy Inc. for C$1.3 billion ($947 million) as Canada’s biggest gas driller pushes to grow production in anticipation of rising gas demand for power and exports.
The all-stock transaction is valued at approximately C$6.69 a share, representing a 72% premium over Crew’s closing price on Friday, according to a statement from Crew on Monday. Crew shareholders will receive 0.114802 of a Tourmaline share in exchange for each share held. The deal includes the assumption of C$240 million in net debt.