Malaysia’s state-owned Petronas announced on Thursday it has agreed to buy Canadian gas developer Progress Energy for US$ 5.3 billion including debt. Last year the companies closed ties, entering a joint venture to develop shale gas assets in Canada’s British Columbia province, and now the Malaysian tycoon joins PetroChina and Sinopec as the latest Asian energy company to invest in the North American nation.
The all-cash deal pays a 77% premium over Progress’s closing share price on the Toronto exchange on Wednesday, the companies said.