12:17 PM EDT, 10/28/2025 (MT Newswires) -- (Updates shares)

Kiwetinohk Energy ( KWTEF ) on Tuesday said it agreed to be acquired by closely held Cygnet Energy for $24.75 per share.

Cygnet is a private exploration and production company backed by funds managed by NGP Energy Capital Management, ARC Financial and Carlyle. Under the agreement, 22% or about 6.1-million shares owned by ARC Financial will be exchanged for shares of Cygnet.

The deal follows the conclusion of a business strategy review and achieves a 63% premium to Kiwetinohk's share price prior to announcement of the review.

The transaction has been unanimously approved by Kiwetinohk's board. A special meeting of shareholders will be held on Dec. 16 to vote on the deal. Closing will occur after the meeting upon satisfaction of all conditions, including court approval and customary closing conditions.

"Since formation in 2018, Kiwetinohk has grown into a premium unconventional growth company differentiated by peer leading netbacks, high quality liquids rich Duvernay assets, an overlapping Montney resource with significant future potential, owned and operated infrastructure and access to the premium Chicago market for natural gas," said Kiwetinohk chief executive Pat Carlson.

Kiwetinohk shares were last seen up $2.05 to $24.47 on the Toronto Stock Exchange.

Price: 24.47, Change: +2.05, Percent Change: +9.14