AcquisitionsJul 22, 2026, 04:18 PM
Greenfire to Acquire Connacher for $1.29B; Plans $575M Rights Offering
AI Summary
Greenfire Resources Ltd. announced a definitive agreement to acquire all outstanding Class A common shares of Connacher Oil and Gas Limited for $1.29 billion in cash. The acquisition is supported by Connacher shareholders holding approximately 73.6% of the shares. To finance the acquisition, Greenfire plans a rights offering for at least $575 million and has secured debt financing, including a $575 million bridge facility. The rights offering is backstopped by Waterous Energy Fund Shareholders, who hold 72.0% of Greenfire's common shares.
Key Highlights
- Greenfire Resources to acquire Connacher Oil and Gas Limited for $1.29 billion in cash.
- Intends to undertake a rights offering for gross proceeds of at least $575 million.
- Supporting Connacher Shareholders, holding 73.6% of shares, agreed to deposit shares.
- Secured debt financing including $725 million incremental revolving credit and $575 million bridge facility.
- Waterous Energy Fund Shareholders (72.0% of Greenfire) committed to fully exercise rights and backstop the offering.
- Offer for Connacher Shares is open until August 4, 2026, with closing expected around August 12, 2026.
Price Impact
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