Deltastream sells all outstanding shares to Tamarack for C$1.425bn

Our Calgary office advised Deltastream on an agreement to sell all of its outstanding shares to Tamarack Valley Energy Ltd. for a total purchase price of C$1.425bn plus closing adjustments, including the proceeds from the sale of a 5% gross overriding royalty to Topaz Energy Corporation. Of the purchase price, C$825m was paid in cash at closing, C$300m was paid at closing through the issuance of 5.75% deferred acquisition payment notes and 80 million Tamarack shares were issued at closing at a deemed price of $3.75 per share (market price of $4.07 per share at close on October 12, 2022).  Closing of the transaction occurred on October 13, 2022.

Deltastream, a pure-play Canadian oil and gas company, was a portfolio company of ARC Financial.