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Chord Energy signs stock-and-cash deal worth about US$3.8B to buy Enerplus

Canadian Press - Thu Feb 22, 8:00AM CST
The corporate logo of Enerplus Corp. is seen in this undated handout photo. Enerplus Corp. has signed a deal to be acquired by U.S. company Chord Energy Corp. in a stock-and-cash deal worth about US$3.8 billion.THE CANADIAN PRESS/HO, Enerplus

CALGARY — Enerplus Corp. has signed a deal to be acquired by U.S. company Chord Energy Corp. in a stock-and-cash deal worth about US$3.8 billion.

Chord Energy chief executive Danny Brown says the deal strengthens the company's Williston Basin position and represents a compelling opportunity for both companies' shareholders.

Under the terms of the agreement, Enerplus shareholders will receive 0.10125 shares of Chord common stock and US$1.84 per share in cash for each Enerplus share.

Based on the closing price as of Tuesday, the implied value for each Enerplus share is US$18.42.

Once the deal is complete, Chord shareholders will own about two-thirds of the combined company, while Enerplus shareholders will own one-third.

The combined company will have an enterprise value of about US$11 billion.

This report by The Canadian Press was first published Feb. 22, 2024.

Companies in this story: (TSX:ERF)

Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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