Crescent Point Energy Corp. has agreed to acquire a package of liquids-rich assets in the Montney Shale of Alberta in an all-cash deal with Spartan Delta Corp. valued at C$1.7 billion ($1.2 billion).

Spartan said the agreement would reward its stockholders with a payment of C$9.50 ($7.12)/share.

“Over the past five years, we have fundamentally rebuilt and strengthened Crescent Point,” said Crescent CEO Craig Bryksa. “As a result of our efforts, and after closing this transaction, our asset base will include significant inventory depth in both the Kaybob Duvernay and the Montney, while also maintaining significant low-decline assets in Saskatchewan that provide additional excess cash flow.”

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