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May 2023 | DEALFRONT | MERGERS & ACQUISITIONS Financier Worldwide Magazine May 2023 Issue Canadian oil & gas company Baytex Energy has agreed to acquire US rival Ranger Oil in a deal valued at $3.4bn. Under the terms of the transaction, Ranger Oil shareholders will receive 7.49 Baytex shares plus US$13.31 in cash for each Ranger common share they own, representing a premium of 7.38 percent to Ranger’s last closing price. The total offer from Calgary-based Baytex Energy is valued at $44.36 per Ranger Oil share. The cash and stock deal offers the US energy company a premium of nearly 39 percent compared to its current market value of $1.8bn. The deal’s value also includes assumed debt and is expected to close in the second quarter of 2023. The deal has received unanimous approval from the boards of both companies. Upon closure of the deal, Baytex shareholders will own approximately 63 percent of the combined company, and Ranger shareholders will own approximately 37 percent. According to a statement announcing the deal, Baytex said the acquisition would be immediately accretive to key metrics and the company intends to increase direct shareholder returns to 50 percent of free cash flow, […]
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