TAQA acquires PrimeWest in C$5 billion deal

By Lisa Kerner

Charlotte, N.C., Jan. 17 - PrimeWest Energy Trust was acquired by TAQA North Ltd. and 1350849 Alberta Ltd., both wholly owned subsidiaries of the Abu Dhabi National Energy Co. PJSC (TAQA) in a plan of arrangement first announced in September.

As a result, all traded securities of PrimeWest will be delisted from both the Toronto Stock Exchange and the New York Stock Exchange, according to a company news release.

"We are pleased to announce today the close of the sale of PrimeWest to TAQA, opening a new chapter for the organization as it merges with TAQA North," PrimeWest president and chief executive officer Don Garner said in the release.

TAQA's subsidiaries agreed to acquire PrimeWest Energy for a cash consideration of C$26.75 per unit. The cash consideration payable will be calculated on the basis of the current exchange ratio of 0.73093 per unit.

The deal is valued at about C$5 billion.

PrimeWest is a Calgary, Alta., oil and gas royalty trust.

TAQA is an energy investment company based in the United Arab Emirates. TAQA North is an oil and gas exploration company located in Calgary.

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