Parties
Company
Highwood Asset Management Ltd.
Company
West Lake Energy Corp.
Highwood Asset Management Ltd. (TSXV) entered into a share purchase agreement to acquire Boulder Energy Ltd. from West Lake Energy Corp. for $98 million on July 5, 2023. The acquisition's consideration included issuing common shares to West Lake, valued at up to $9 million, and an unsecured subordinated promissory note worth up to $23 million, with a minimum initial principal amount of zero. The note was set to mature on July 1, 2025, with interest payments at 13% per annum. Additionally, a cash payment of approximately CAD 75 million was included, adjusted for the equity and promissory note values.
On August 3, 2023, Highwood completed the acquisition of Boulder Energy. RBC Capital Markets acted as the financial advisor to Highwood, while Echelon Capital Markets, Raymond James, and ATB Capital Markets served as strategic advisors.
Deal Type
Merger & AcquisitionIndustry
EnergyTransaction
$ 98,000,000Deal Status
ClosedClosing Date
03 August 2023