Calgary’s Enerplus Corporation has signed a deal to be acquired by Chord Energy Corporation, a US-based oil and gas exploration and production, in a deal valued at approximately $5 billion (US$3.8 billion).

The combined company will have an enterprise value of approximately $14.79 billion (US$11 billion).

Blake, Cassels & Graydon LLP and Latham & Watkins LLP are serving as Canadian and US legal counsel, respectively, to Enerplus. Evercore is serving as the lead financial advisor to Enerplus, joined by RBC Capital Markets, BMO Capital Markets, and CIBC Capital Markets.

Goodmans LLP is serving as Canadian legal counsel to Chord, with Vinson & Elkins LLP and Wachtell, Lipton, Rosen & Katz as US legal advisors. Citi is serving as the lead financial advisor to Chord, joined by Wells Fargo Securities, LLC and J.P. Morgan Securities LLC

Upon deal completion, Chord and Enerplus shareholders will own 67 percent and 33 percent of the combined company, respectively.

The deal is expected to close by mid-year 2024.