Enerplus, Chord on Track to Close $4B Williston Deal on May 31

Hart Energy2024-05-23

Williston Basin operator Enerplus Corp. is on track to close a $4 billion deal with Chord Energy on May 31, in keeping with the timeline Chord executives gave during an earnings call in May.

Enerplus' shareholders are set to vote on the deal at a special meeting of the shareholders scheduled for May 24, the company said on May 23. The deal also requires receipt of the final order from the King's Court of Alberta and the satisfaction of remaining customary closing conditions.

Chord shareholders approved the Enerplus acquisition on May 14.

Enerplus also announced a special cash dividend in connection with the Chord transaction. The dividend of US$0.23 per share is payable to shareholders of record and close of business on May 30. The dividend is intended to equalize quarterly dividends declared by Enerplus with quarterly dividends declared by Chord following the companies’ March 2024 dividends.

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