Q: Can I please get your thoughts on Tourmaline’s acquisition of Crew? Thanks
5i Research Answer:
We think it is a good deal for both companies. TOU gets new assets and faster growth, CR shareholders get a quality stock at a nice premium price and a dividend (which they do not have now). It is immediately accretive to most metrics and will add $200M in cash flow and new development areas. It adds 29,000 boe/d of production and further cements TOU's leadership in the natural gas space. We like the deal.