On June 30, 2015, Crescent Point Energy Corp. (Crescent Point), one of Canada’s largest light and medium oil producers, acquired all of the issued and outstanding common shares of Legacy Oil + Gas Inc. by way of arrangement (the Legacy Acquisition). The total consideration for the Legacy Acquisition was approximately $1.53 billion, comprising approximately 18.97 million Crescent Point common shares and the assumption of approximately $967 million of net debt. In connection with the Legacy Acquisition, Crescent Point entered into an agreement, on a bought deal basis, with a syndicate of underwriters for an offering of 21,060,000 Crescent Point common shares at $28.50 per share to raise gross proceeds of approximately $600 million.
Norton Rose Fulbright Canada LLP acted for Crescent Point on both the acquisition and the financing. The Norton Rose Fulbright team was led by Mark Eade and included Dion Legge, Rashi Sengar, Peter Allegretto, Kyle Johnson, Peter Allegretto and Nathan Hillier. Dorsey & Whitney LLP acted for Crescent Point as US counsel. The Dorsey team was led by Dan Miller and included Erin Furman McCrady, Tiffanie Pearson and Jeffrey Peterson (corporate).
Stikeman Elliott LLP acted for Legacy Oil + Gas, advising on the acquisition and assorted shareholder relations matters, with a team including Keith Chatwin, Craig Story, Christopher Nixon, Janel Young and Patrick McNally, Kris Noonan, and Geoff Holub.
Osler, Hoskin & Harcourt LLP acted as counsel for the Special Committee of the Board of Directors of Legacy Oil + Gas, with a corporate team including Robert Lehodey, Andrea Whyte and Kelsey Armstrong.