Hammerhead Energy Inc. announced its agreement to be acquired by Crescent Point Energy Corp. in a transaction valued at approximately C$2.55 billion, including net debt. Each Hammerhead Share was valued at C$21.00, to be exchanged for C$15.50 in cash and C$5.50 in Crescent Point shares. This price represented a 17% premium over Hammerhead's average trading price as of November 3, 2023. The transaction, expected to close in late December 2023, was subject to Hammerhead shareholder approval and customary regulatory conditions.

Scott Sobie, Hammerhead's CEO, and Robert Tichio, Chairman of the Board, highlighted the company's growth and the strategic benefit of the acquisition. The deal was aimed at providing value to shareholders and enhancing Crescent Point's scale and asset diversification.

Legal advisors included Burnet Duckworth & Palmer LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP for Hammerhead, Blake, Cassels & Graydon LLP for the Special Committee, and Bennett Jones LLP and Vinson & Elkins LLP for Riverstone. Financial advisors were CIBC Capital Markets and Peters & Co. Limited, providing fairness opinions to Hammerhead and its Special Committee.