Vitesse Energy has entered an agreement to acquire Bakken pure-play Lucero Energy Corp. in an all-stock transaction valued at $222 million, Vitesse said Dec. 16. (Source: Shutterstock, Vitesse Energy Inc.)
Vitesse Energy Inc. has closed its all-stock acquisition of Bakken pureplay Lucero Energy Corp. in a deal valued at about $222 million.
Under the terms of the December deal, each common share of Lucero has the right to receive 0.01239 of a share of Vitesse common stock. The Vitesse shares issued to holders of Lucero stock will trade on the New York Stock Exchange. Lucero shares will be delisted from the TSX Venture Exchange and the OTCQB Market.
“We are pleased to complete the acquisition of Lucero, which is expected to increase our dividend and will provide additional liquidity to further our ability to make accretive acquisitions,” said Bob Gerrity, Vitesse’s chairman and CEO. “We are grateful for the hard work and dedication of the Vitesse and Lucero employees, who have been working diligently to help us finalize this acquisition.”
In conjunction with the transaction, Lucero Chairman M. Bruce Chernoff and Director Gary D. Reaves, a managing partner at First Reserve, have been appointed to Vitesse’s board of directors. The additions expand Vitesse’s board to a total of nine directors. Vitesse’s leadership team will continue to serve in their respective capacities in the company.
The acquisition was approved by Vitesse stockholders on March 5 and Lucero shareholders on March 6. Lucero received the approval of the Court of King’s Bench of Alberta on March 6.
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