Lawson Lundell LLP 9
Canadian Energy Public M&A Transaction List
Transactions completed between 2016 and 2019
Purchaser Target Equity
Value
Announced Features of Note
Upstream
Domestic Large and Mid Cap
Suncor Canadian Oil
Sands
$4.2B October 5,
2015
Initiated by hostile bid
Baytex Raging River $1.9B June 18, 2018 Both Purchaser and Target held meetings
Vermilion Spartan $1.6B April 16,
2018
Purchaser paid in shares
Paramount Trilogy $1.1B July 6,
2017
Purchaser was a control person of Target
Tamarack Spur $624M November 2.
2016
Spin out of exploreco
Cona Pengrowth $570M November 1,
2019
Shareholders received contingent
consideration
Surge Mount Bastion $382M September 5,
2018
Target obtained warrant and option
cancellation agreements from holders
Blackbird Pipestone $320M October 30,
2018
Reverse takeover of Purchaser
Velvet Iron Bridge $454M September 10,
2018
Initiated by hostile bid
Lone Pine Arsenal $112M June 24,
2016
Complex restructuring by Purchaser
Domestic Small Cap
Pieridae Ikkuma $94M August 24,
2018
Spin-out of exploreco
Vermilion Not disclosed $91M
January 15,
2018
Purchaser paid in shares
Waterous
Energy Fund
Cona $84M March 7,
2018
Insider-led go-private
Edge Natural
Resources
Canamax $77M
January 18,
2016
Purchaser was a private equity fund.
Gear Striker $58M June 8,
2016
Purchaser paid in shares
Petrus PhosCan $51M
February 2,
2016
Reverse take-over combined with spin-out
of exploreco
CNRL Laricina $47M July 26,
2018
Completed by take-over bid
Steelhead Toro $42M
December 13,
2016
Steelhead is an ARC Financial sponsored
company
