Sinopec to acquire Daylight Energy for $2.1bn

Sinopec International Petroleum Exploration and Production has entered an agreement to acquire all the shares of Daylight Energy for C$2.2bn ($2.1bn).

Under the terms of the agreement, Sinopec will pay C$10.08 for each common share of Daylight Energy, representing a 43.6% premium over the 60-day weighted average trading price of the common shares.

Daylight Energy’s three core assets include resource play natural gas in Elmworth, Alberta and north-east British Columbia, and resource play oil and liquids rich natural gas in West Central Alberta and Pembina.

Completion of the transaction is subject to customary conditions, including court and regulatory approvals, and the approval of 66.67% of Daylight Energy shareholders.