2012-11-30 06:04:31 - ExxonMobil Canada to Acquire Celtic Exploration for US$3.15 Billion - Acquisition to Help Exxon Gain Liquid Rich Natural Gas Plays in Canada - Deal Analysis - a new market research report on companiesandmarkets.com

ExxonMobil Canada to Acquire Celtic Exploration for US$3.15 Billion - Acquisition to Help Exxon Gain Liquid Rich Natural Gas Plays in Canada – Deal Analysis - Exxon Mobil Corporation (Exxon), has agreed to acquire Celtic Exploration Ltd. (Celtic) through its subsidiary, ExxonMobil Canada Ltd., for a purchase consideration of CAD3.1 billion (US$3.15 billion), including the assumption of CAD512.8MM (US$521.46MM) in debt and working capital obligations. Under the terms of the agreement, Celtic will have to pay a CAD90MM (US$91.52MM) termination fee to ExxonMobil Canada in certain circumstances if the transaction is not completed. FirstEnergy Capital Corp. and RBC Capital Markets are acting as financial advisors, while Borden Ladner Gervais LLP is acting as legal advisor to Celtic in the transaction.

 

 

The board of directors of Celtic has unanimously approved the transaction. The transaction is subject to customary closing conditions, including receipt of court, shareholder and regulatory approvals.

Scope

- Rationale behind Exxon acquiring stakes in liquids-rich natural gas assets.
- Rationale behind the divestment of Celtic and formation of Spinco.
- Geography Covered- Canada.

Reasons to buy

- To know about Exxon´s gain from the acquisition of liquids rich gas assets.
- To understand the scope of LNG development in British Columbia.
- To develop a sound understanding about the assets of Celtic and Spinco.

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