Canadian Manufacturing

Vermilion Energy to acquire Spartan Energy in deal valued at $1.4B

Calgary-based Spartan has operations in central Alberta and in southeast Saskatchewan, and its current production is approximately 23,000 barrels of oil equivalent per day

April 16, 2018  by The Canadian Press

CALGARY—Vermilion Energy Inc. has signed a deal to acquire Spartan Energy Corp.

Under the agreement, investors will receive 0.1476 of a Vermilion share for each Spartan share they hold.

The offer implies a value of $6.50 per Spartan share, based on Vermilion’s closing share price Friday of $44.04. Spartan shares closed at $6.19 on Friday.

The companies said the deal values Spartan at $1.4 billion after accounting for assumed debt and transaction costs.

Advertisment

Calgary-based Spartan has operations in central Alberta and in southeast Saskatchewan.

Its current production is approximately 23,000 barrels of oil equivalent per day and its proven plus probable reserves as of Dec. 31, 2017, were 113.5 million barrels of oil equivalent.


Print this page

Related Stories