ORLEN Upstream completes C$183.7 million acquisition of TriOil Resources
November 13, 2013
183.70 Million CAD
On November 13, 2013, TriOil Resources Ltd. announced the completion of the plan of arrangement pursuant to which ORLEN Upstream sp. z o.o. (ORLEN Upstream), through a wholly-owned subsidiary registered in the Netherlands, ORLEN Upstream International B.V., purchased all of the issued and outstanding class A common shares of TriOil at a cash price of C$2.85 per Common Share for total cash consideration of C$183.7 million. With the completion of the arrangement, the common shares will be delisted from the TSX Venture Exchange.
ORLEN Upstream, headquartered in Warsaw, Poland, is one of the largest petroleum and petrochemical corporations in Central and Eastern Europe and the largest in Poland.
TriOil Resources, headquartered in Alberta, Canada, is a junior oil and natural gas company.
McCarthy Tétrault LLP represented ORLEN Upstream, as acquiror, with a team led by John Osler, and including Wilson Acton, Jeremy Busch-Howell, Will Cascadden, Matthew Harris, Robert Nearing and Sean Smyth.