ARC Financial, OTPP-backed Aspenleaf to buy Coral Hill Energy
Aspenleaf Energy Ltd, a portfolio company of Canadian private equity firm ARC Financial Corp and Ontario Teachers’ Pension Plan (OTTP), has agreed to buy Coral Hill Energy Ltd. Shareholders of Coral Hill will have the option to receive $2.80 in cash per share or 2.8 class A common shares in the capital of Aspenleaf, subject to a total share maximum. The deal has been approved by the boards of directors of both companies and is expected to close by early 2015. Based in Calgary, Coral Hill is focused on exploring, developing and producing crude oil and natural gas in Alberta. In July, Aspenleaf launched an unsuccessful bid to acquire Arcan Resources Ltd.
8 December 2014•4 mins read
