On July 15, 2021, Tourmaline Oil Corp. (Tourmaline) completed the acquisition of Black Swan Energy (Black Swan) whereby Tourmaline acquired all of the shares of Black Swan in exchange for Tourmaline shares. Based on the Tourmaline share price and the net debt of Black Swan at the time of closing, the deal had a transaction value of approximately $1.2 billion. Black Swan was a private equity sponsored natural gas producer formed in 2011 with operations in northeast B.C., whose principal shareholders were investment funds managed by Warburg Pincus, Azimuth Capital Management and Canada Pension Plan Investment Board.
Norton Rose Fulbright Canada LLP represented Black Swan with a team that included
Kevin Johnson,
Marcus Archer,
Jason Giborski,
Katherine MacPhail,
Darren Hueppelsheuser,
Elisabeth Trotter,
Marlow Gereluk,
Hailey Boutin,
Jeff Landmann,
Preston Brasch.
Burnet, Duckworth & Palmer LLP represented Tourmaline with a team that included
Bill Maslechko (corporate/M&A),
James Kidd (corporate/M&A),
Austin Fruson (corporate/M&A),
Carolyn Wright (energy),
Jon Ozirny (corporate/energy),
Brittney LaBranche (energy/competition),
Heather DiGregorio (tax),
Gina Ross (employment),
Nancy Smith (banking).