CANADA - International Petroleum Corp. (IPC) agreed to acquire the entire share capital of Blackpearl Resources Inc. (Blackpearl), a Calgary-based producer of crude petroleum and natural gas, from Burgundy Asset Management Ltd., for a total CAD 562.709 mil (USD 434.692 mil) in a stock swap transaction, via scheme of arrangement. IPC offered 0.22 common shares per Blackpearl share. Based on IPC's closing stock price of CAD 7.593 (USD 5.866) on 9 October 2018, the last full trading day prior to the announcement, each Blackpearl share was valued at CAD 1.67 (USD 1.29).
The purposes of the transaction were for International Petroleum Corp. and Blackpearl Resources Inc to strengthen their operations, expand their production in Canada, Malaysia, France and the Netherlands, and to create value for shareholders.
Date Announced: 10/10/2018
Deal Status (as of publication date): Pending
Deal Value (US mil): $434.69
ACQUIRER ADVISORS*
Paradigm Capital Inc. (Financial Advisor)
Blake, Cassels & Graydon LLP (Legal Advisor)
Gernandt & Danielsson (Legal Advisor)
TARGET ADVISORS*
AltaCorp Capital Inc. (Financial Advisor)
GMP FirstEnergy (Financial Advisor)
National Bank Financial Inc. (Financial Advisor)
Bennett Jones LLP (Legal Advisor)
Blackpearl Resources Inc, located in Calgary, Alberta, is an oil and gas exploration and production company focusing on North American oil and gas interests, in particular, Alberta, Saskatchewan, Texas and California. The Company was founded in July 2002.
International Petroleum Corp, located in Vancouver, British Columbia, is engaged in the crude petroleum and natural gas services business. It is an international oil and gas exploration and production company with a portfolio of assets located in Europe and South East Asia. The Company was founded in 2017.
*List of advisors are those known at press time.