U.S. energy firm Chord Energy CHRD-Q said on Wednesday that it would acquire Canada’s Enerplus ERF-T, creating a combined entity with an enterprise value of $11-billion.
Under the terms of the agreement, Enerplus shareholders will receive 0.10125 shares of Chord common stock and $1.84 in cash for each common share of Enerplus owned at closing.
Chord said it would issue about 20.7 million shares of its common stock.
The combined company is expected to be a premier operator in the Williston Basin, with approximately 1.3 million net acres.
Enerplus operates mainly in the Bakken Basin in North Dakota and also has a footprint in the Marcellus shale region in Pennsylvania.