Norton Rose Canada advising on PETRONAS' C$5.5 billion acquisition of Progress Energy Resources Corp.
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On June 28, 2012, PETRONAS, the Malaysian national oil and gas company, and Progress Energy Resources Corp. announced that PETRONAS’ Canadian subsidiary and Progress have entered into an agreement for the acquisition of Progress in a transaction valued at approximately C$5.5 billion. The transaction is to be completed by way of an arrangement under the Business Corporations Act (Alberta) and is subject to shareholder, court and regulatory approvals. The transaction is targeted for completion in late September.
The transaction follows a joint venture established between the two companies last year to develop a portion of Progress’ Montney shale assets in the Foothills of northeast British Columbia.
PETRONAS is the national oil and gas company of Malaysia. The company is engaged in the oil, gas and petrochemicals industries with strategic business assets and interests in more than 30 countries. It is one of the world’s leading LNG companies and is fully involved in every value chain of the LNG business, from liquefaction and shipping to re-gasification and trading.
Progress is a Calgary-based energy company focused on exploration, development and production of large, unconventional natural gas resources in northeast British Columbia and northwest Alberta. Progress is listed on the Toronto Stock Exchange.
Norton Rose Canada is representing PETRONAS on the transaction, with a team led by Chrysten Perry (Energy) and Kevin Johnson (M&A) and including John Carleton (Competition and Foreign Investment), Darren Hueppelsheuser and Dion Legge (Tax), Michael Bennett (M&A) and Robert Froehlich (Energy).