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 is valued at approximately C$1.4 billion ($1 billion), including debt, with Cygnet agreeing to pay C$24.75 per KEC share in cash.
- Funding for the acquisition is being provided by NGP Energy Capital Management and Carlyle Group.
- ARC Financial Corp, an existing investor of Cygnet and shareholder of KEC, will roll over a portion of its KEC shares into common shares of Cygnet.
The acquisition is expected to close in late December and will be completed under the Canada Business Corporations Act.
No additional comments were provided.
Author summary: Cygnet Energy acquires Kiwetinohk Energy for $1 billion.
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