Globe & Mail 08:16 AM EDT, 04/06/2021 (MT Newswires) -- ARC Resources (ARX.TO) on Tuesday said it closed its merger of equals with Seven Generations Energy (VII.TO), creating a company with a dominant position in Western Canada's prolific Montney shale region and the largest Canadian producer of natural-gas condensates.
The C$2.9 billion acquisition, which sees Seven Generations shareholders receive 1.108 ARC shares for each share held, leaves ARC with 1.1 million acres of exploration lands in the Montney region and 340,000 barrels of oil equivalent per day of production, along with combined costs saving of C$160 million per year
Shareholders and courts approved the combination last month.
The company expects to issue updated guidance early in May.
ARC shares closed down C$0.16 to C$7.86 Monday on the Toronto Stock Exchange.
Price: 7.86, Change: -0.16, Percent Change: -2.00