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Bharat Vasandani Madhavan N. & Hari... Urvish Dave

Market & Company Research Store > Details

Year: 2012

Contents: 9 pages

Country: Canada

Sector: Exploration and Production (Energy)
Sinopec International Completes Acquisition of Daylight Energy for $2.1 Billion to Expand its Unconventional Assets - Deal Analysis from GlobalData

Summary

Sinopec International Petroleum Exploration and Production Corporation (Sinopec International), a wholly owned subsidiary of China Petrochemical Corporation, (Sinopec) completed the acquisition of all of the issued and outstanding common shares of Canadian oil and gas company Daylight Energy Ltd., (Daylight Energy) for a purchase consideration of CAD2,200m ($2,117.3m) in cash. The consideration represents a 43.6% premium over the 60-day weighted average trading price of the common shares on the Toronto Stock Exchange up to and including October 7, 2011.

Canaccord Genuity Corp. acted as exclusive financial advisor to Daylight Energy in the transaction. CIBC World Markets Inc. acted as financial advisor to Daylight’s board of directors in the transaction. Blake, Cassels & Graydon LLP acted as Daylight Energy’s legal advisors. Barclays Capital Inc. acted as financial advisor to Sinopec International, and Vinson & Elkins L.L.P. and Bennett Jones LLP acted as legal advisors to Sinopec International in the transaction.

The transaction enables Sinopec International to expand its unconventional oil and gas assets.

The transaction implies deal values of $57,513.45 per boe of daily production, $29.8 per boe of 1P reserves and $16.42 per boe of 2P reserves.

Scope

- Rationale behind Sinopec buying Daylight Energy in Alberta (Canada)
- Strategic benefit to Companies involved in the transactions
- Geography covered - Alberta (Canada)

Reasons to buy

- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in the unconventional oil and gas in Canada.
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