Crew Energy jumps on deal to be acquired by Tourmaline Oil for $947 mln

Crew Energy

12/08/2024 15:30

** Shares of oil and gas firm Crew Energy  CR.TO  jumps
72.7% at C$6.74, Tourmaline Oil's  TOU.TO  shares up 2.7% at
C$59.79
    ** TOU says it will acquire CR in a C$1.3 billion ($947.52
million) all-stock deal, which includes debt, to boost its
presence in the Montney shale play in Alberta
    ** CR's shareholders will receive 0.114802 TOU shares for
every share of CR held, valuing the deal at about C$6.69 per CR
share, representing a premium of around 72% over Friday's
closing prices
    ** TOU says the acquisition, which is expected to close in
early October, will add over C$200 million to Tourmaline's
projected 2025 free cash flow
    ** Including session's move, shares of CR and TOU up ~48%
and ~2% YTD, respectively

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))