Warburg Pincus to sell $157 mln of MEG Energy shares in secondary deal

U.S. private equity firm Warburg Pincus has agreed to complete a secondary offering of shares in MEG Energy Corp (TSX:MEG), a Calgary-based company focused on sustainable in situ oil sands development and production in Western Canada. Under the terms of the agreement, Warburg Pincus will sell 5,000,000 common shares at a purchase price of $31.40 per share, realizing gross proceeds of $157 million. Upon closing of the transaction, Warburg Pincus will hold around 17% of all outstanding shares. Warburg Pincus and Canadian private equity firm KERN Partners invested in MEG prior to the company's $700 million initial public offering in 2010. MEG's other investors include the Caisse de dépôt et placement du Québec.

DealsCanadaNorth AmericaBriefs