Chinese investors to buy PE-backed Long Run in $770 mln deal
Calgary-based Long Run Exploration Ltd (TSX: LRE) has agreed to be acquired by an unnamed group of Chinese investors. The deal, valued at about $770 million, including net debt, is expected to close in April 2016. The company's board of directors and management team said Long Run's sale is "the best alternative" for stakeholders in light of challenging market conditions. Long Run is an intermediate oil and natural gas company focused on development, exploration and production in the Western Canadian Sedimentary Basin. It has been a portfolio investment of Canadian private equity firm Sprott Resource Corp since 2009.
22 December 2015•8 mins read
