Kirkland & Ellis counseled Ranger Oil Corp. (Ranger), a pure play Eagle Ford company, on its definitive agreement to be acquired by Baytex Energy Corp. (Baytex) (TSX, NYSE: BTE). The total consideration to be paid by Baytex, including assumption of net debt, is approximately US$2.5 billion (C$3.4 billion). The transaction has been unanimously approved by the Boards of Directors of Baytex and Ranger and is expected to close late in the second quarter of 2023. Under the terms of the Agreement, Ranger shareholders will receive 7.49 Baytex shares plus US$13.31 cash, for each Ranger common share, for total consideration of approximately US$44.36 per share.
The Kirkland team was led by corporate partners Sean Wheeler, Debbie Yee and Camille Walker; tax partners David Wheat and Bill Dong; executive compensation partners Rob Fowler and Stephanie Jeane; oil & gas partners Anthony Speier and R.J. Malenfant; capital markets partners Julian Seiguer and Anne Peetz; and debt finance partner Rachael Lichman.