Strathcona Picks Up Greenfire in Oil Sands Deal Worth Up to C$2.9B
Strathcona Resources is buying fellow Alberta oil sands producer Greenfire Resources in a deal it values at roughly C$2.7 billion to C$2.9 billion, debt included. Greenfire holders get either C$11.00 cash a share or 0.25 Strathcona shares, with the cash route carrying a 39% premium. Waterous Energy Fund, which controls both sides, is already on board.
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Strathcona Resources said Sunday it will take over Greenfire Resources, folding another Alberta oil sands producer into its portfolio. The deal carries a price tag of about C$2.7 billion to C$2.9 billion including debt. Strathcona expects it to close in early 2027, pending shareholder and regulatory sign-offs.
Greenfire investors get a choice for each share they hold: C$11.00 in cash or 0.25 of a Strathcona share. The cash leg lands at a nearly 39% premium to Greenfire's November 6 close. The share option works out to a premium of almost 15%.
The largest holder has already picked a side. Waterous Energy Fund owns about 72% of Greenfire and 57% of Strathcona, and it has agreed to back the transaction. WEF will take Strathcona shares for its Greenfire stake rather than cash.
What Strathcona actually pays depends on how everyone else votes. Depending on those elections, it expects to issue between roughly 43 million and 60 million shares and hand over up to C$740 million in cash. Greenfire carried net debt of about C$550 million as of September 30, which pushes the total valuation toward the C$2.9 billion top end.
Both companies drill in the same neighborhood, so the tie-up consolidates Alberta oil sands acreage under one roof. Reuters reported the deal, citing Strathcona's Sunday announcement.
TopicsStrathcona Resources · Greenfire Resources · Waterous Energy Fund · SCR.TO · GFR.TO · Alberta oil sands
Written by Paparazzi with AI. Not financial advice.
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