NGP-backed Cygnet Energy to Acquire Kiwetinohk Energy
Cygnet Energy has agreed to acquire Kiwetinohk Energy Corp (KEC), a producer of natural gas, natural gas liquids, oil, and condensate, for $1 billion.
- Acquisition price: C$24.75 per KEC share in cash
- Total consideration: about C$1.4 billion, including debt
- Funding provided by NGP Energy Capital Management, Carlyle Group, and ARC Financial Corp
The acquisition is expected to close in late December and will be completed under the Canada Business Corporations Act.
No direct quotes available in the text.
Author's summary: Cygnet Energy acquires Kiwetinohk Energy for $1 billion.