Energy: Exxon Buys Canadian Shale Gas Producer for CDN$2.86 billion

Exxon Mobil Corp. has agreed to buy Celtic Exploration Ltd. for $2.86 billion in cash and stock.  

  • The deal will see Celtic’s shareholders receive $24.50 a share (a 35% premium), as well as a half share in the new company
  • Exxon to assume $240 million of debt
  • Signals that major oil/ energy companies are now aware of Canada’s vast potential in uncoventional energy 
  • Largest Exxon take over since 2010’s takeover of XTO Energy

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