Calgary-based oil and gas producer Strathcona said the deal will value the combined business at $8.6 billion, with the new company becoming the fifth largest oil producer in Canada.
Pipestone shareholders will hold about 9.05 per cent of the pro forma equity in the amalgamated company on a fully-diluted basis. “When you’re private, it’s a much simpler life. There’s less reporting requirements — but I would also say that our view of actually being public is that the sector, in general, is undervalued.”Waterous said that as the sector consolidates, some acquisition targets have signalled they are interested in partnering with Strathcona but want to take shares in a publicly traded company — “hence our desire to become publicly traded.
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