Alberta Index - ENERGY: ENMAX to acquire Cordero Energy Inc for $218 million

ENERGY: ENMAX to acquire Cordero Energy Inc for $218 million

(AlbertaIndex, February 22, Friday) --- Alberta power utility ENMAX Corporation is acquiring Toronto- listed natural gas producer Cordero Energy Inc (TSX: COR) for approximately $218 million including debt. The Cordero board has accepted ENMAX’s offer of $4.35 per share.
“This secures long-term natural gas supply for the Calgary Energy Centre, with which we entered into a 20-year tolling agreement, effective last year,” said Gary Holden, President and CEO of ENMAX.

“This will help supply competitively priced natural gas and electricity to ENMAX Energy’s rapidly growing customer base and is consistent with our long-term vertical integration strategy.”

Peters & Co Limited acted as financial advisor to ENMAX and Tristone Capital Inc acted as financial advisor to Cordero on the transaction.

Through its subsidiaries, ENMAX provides electricity, natural gas, renewable energy and value-added services to more than 500,000 residential, commercial and institutional customers in Alberta.

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