Announced
Synopsis
Whitecap Resources, a Canadian public oil company, agreed to acquire NAL Resources, a produces of oil and gas, from Manulife Financial, a provider of insurance and investment solutions, for $119m. Whitecap will issue Manulife 58m Whitecap common shares in exchange for all the issued and outstanding NAL shares. Manulife will own c. 12.5% of the combined entity. The transaction is a continuation of Whitecap’s long-term strategy of consolidating assets in its core operating areas. NAL’s production and lands overlap more than 80% of Whitecap’s current asset base and provides for meaningful operational synergies and inventory optimization opportunities in west central Alberta, west central Saskatchewan and southeast Saskatchewan, enhancing our exposure to economically compelling plays which we currently operate.
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