(Reuters) – Private equity firm Waterous Energy Fund, which holds a 45% stake in Canada’s Osum Oil Sands, said on Tuesday it plans to buy about 40% more stake in the privately held energy company in a deal valued at C$126 million ($95.96 million).
Calgary-based Waterous Energy said Osum shareholders would receive cash consideration of C$2.40 per share for each share tendered.
The deal comes at a time when the pandemic has put additional pressure on energy companies in Canada, the fourth-largest global oil producer, forcing them to cut costs and consolidate to weather a downturn.
Last month, Cenovus Energy Inc CVE.TO agreed to buy rival Husky Energy HSE.TO to create Canada’s No. 3 oil and gas producer.
Earlier this year, Cona Resources, a Waterous portfolio company acquired Pengrowth Energy for about C$740 million.
Source: Read Full Article
Macron says Le Pen showing authoritarian streak after journalist ban
Wirecard CEO quits after billions go missing, shares plummet
Dollar halts slide as Mnuchin calls time on emergency funds
Italy govt gives conditional OK to sale of stake in TIM's last-mile grid to KKR: sources
Ford rejects U.S. ITC criticism over SK Innovation battery deals