Advertisement
Canada markets open in 4 hours 19 minutes
  • S&P/TSX

    21,656.05
    +13.18 (+0.06%)
     
  • S&P 500

    5,022.21
    -29.20 (-0.58%)
     
  • DOW

    37,753.31
    -45.66 (-0.12%)
     
  • CAD/USD

    0.7272
    +0.0008 (+0.12%)
     
  • CRUDE OIL

    82.08
    -0.61 (-0.74%)
     
  • Bitcoin CAD

    84,558.85
    -2,732.55 (-3.13%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,394.70
    +6.30 (+0.26%)
     
  • RUSSELL 2000

    1,947.95
    -19.53 (-0.99%)
     
  • 10-Yr Bond

    4.5850
    0.0000 (0.00%)
     
  • NASDAQ futures

    17,724.25
    +65.75 (+0.37%)
     
  • VOLATILITY

    18.05
    -0.16 (-0.88%)
     
  • FTSE

    7,874.52
    +26.53 (+0.34%)
     
  • NIKKEI 225

    38,079.70
    +117.90 (+0.31%)
     
  • CAD/EUR

    0.6805
    +0.0003 (+0.04%)
     

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

The Canadian Press