Tamarack Valley Energy Ltd. and the newly formed Wapiscanis Waseskwan Nipiy Holding Limited Partnership (WWN), which is Cree for Marten Clearwater and made up of 12 First Nation and Métis communities, has acquired an 85 percent non-operated interest in a newly formed partnership, Clearwater Infrastructure Limited Partnership (CIP).
Under the agreement, Tamarack will transfer Clearwater midstream assets to the CIP for a total consideration of $146.2 million and 15 percent operated working shares in the CIP.
Stikeman Elliott LLP is serving as legal counsel, and RBC Capital Markets is acting as the exclusive financial advisor to Tamarack. CIBC Capital Markets and National Bank Financial are acting as strategic advisors to Tamarack.
MLT Aikins LLP is serving as legal counsel and ATB Financial is acting as financial advisor to WWN. Âsokan Generational Developments is acting as lead negotiator and is assisting in structuring while MNP is serving as tax advisor to WWN.
The deal is expected to be completed on or about December 15, 2023.
