Strathcona buys rival to go public, create Canada's 5th biggest oil company

📆 2023-08-01 9:55 AM
📰 Reuters

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Canadian oil producer Strathcona Resources said on Tuesday it will go public by acquiring smaller rival Pipestone Energy Corp in an all-stock deal that will value the combined business at C$8.6 billion ($6.49 billion), creating the country's fifth largest oil producer.

Aug 1 - Canadian oil producer Strathcona Resources said on Tuesday it will go public by acquiring smaller rival Pipestone Energy Corp

in an all-stock deal that will value the combined business at C$8.6 billion , creating the country's fifth largest oil producer. Strathcona said the two companies will form a new corporation that will retain its name and be led by current Strathcona chief executive officer Rob Morgan. It did not say when the combined company will start trading.Pipestone shareholders will receive about 9.05% of the pro forma equity in the amalgamated company, with existing Strathcona shareholders owning the rest.Calgary, Alberta-based Strathcona was formed in 2020 by the merger of two Waterous Energy Fund-backed companies, Strath and Cona.

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