Tourmaline to Acquire Crew Energy in $947 Million All-Stock Transaction

2 min read | August 12, 2024 12:00 AM PDT | By Team Kalkine Media

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Tourmaline to Acquire Crew Energy in $947 Million All-Stock Transaction — Image source: Shutterstock

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Tourmaline Oil Corp. will acquire Crew Energy Inc. in an all-stock deal valued at approximately $947 million, including Crew’s debt.

The agreement offers Crew shareholders 0.114802 of a Tourmaline share for each Crew share, reflecting a 72% premium over Crew’s recent closing price.

This acquisition follows Tourmaline's earlier purchase of Bonavista Energy Corp. and includes Crew’s net debt of C$240 million.

Canada’s leading gas producer, Tourmaline Oil Corp., has announced its intention to acquire Crew Energy Inc. in a significant all-stock transaction valued at C$1.3 billion (approximately $947 million), which includes the debt of Crew Energy. The deal, involving energy stocks, is structured at about C$6.69 per share, marking a 72% premium over Crew’s last closing price. For each Crew share, shareholders will receive 0.114802 of a Tourmaline share. This transaction also incorporates C$240 million of Crew’s net debt.

Tourmaline’s move is part of a broader trend of consolidation within the oil and gas sector. Earlier in October, the company finalized a deal to acquire Bonavista Energy Corp. for roughly C$1.5 billion.

Additionally, Tourmaline’s board has sanctioned an increase in the company’s quarterly dividend, raising it to 35 Canadian cents per share from the previous 33 Canadian cents.

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