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Chord Scoops Up Enerplus for $4.2B

Houston-based Chord Energy Corp. announced late Wednesday it agreed to buy Canada’s Enerplus for $4.2 billion in stock and cash.

Under the deal’s terms, each Enerplus common share will be exchanged for a 0.10125 of a Chord share and $1.84 in cash, which represents 90 percent in stock and the rest cash. Based on the closing price as of Feb. 20, the implied value to each Enerplus share is $18.42, representing a 15 percent premium.

Claire Poole

Claire Poole is a senior writer at The Texas Lawbook, where she covers corporate transactions.

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