Chord Energy signs stock-and-cash deal worth about US$3.8B to buy Enerplus
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Hey there, time traveller!
This article was published 22/02/2024 (574 days ago), so information in it may no longer be current.
CALGARY – Enerplus Corp. has signed a deal to be acquired by U.S. company Chord Energy Corp. in a stock-and-cash deal worth about US$3.8 billion.
Chord Energy chief executive Danny Brown says the deal strengthens the company’s Williston Basin position and represents a compelling opportunity for both companies’ shareholders.
Under the terms of the agreement, Enerplus shareholders will receive 0.10125 shares of Chord common stock and US$1.84 per share in cash for each Enerplus share.
Based on the closing price as of Tuesday, the implied value for each Enerplus share is US$18.42.
Once the deal is complete, Chord shareholders will own about two-thirds of the combined company, while Enerplus shareholders will own one-third.
The combined company will have an enterprise value of about US$11 billion.
This report by The Canadian Press was first published Feb. 22, 2024.
Companies in this story: (TSX:ERF)