Energy Acquisitions in Canada
Energy Deal Activity in Canada
This page highlights recent acquisitions and investments across Canada’s energy sector, including mining, utilities, power systems, renewables and low‑carbon projects. Notable buyers active in the market include strategic miners and streamers, infrastructure and private‑equity buyers, and specialist energy firms.
Transactions range from minority strategic investments (for example, Agnico Eagle Mines Limited increasing its stake in Maple Gold Mines Ltd.) to full control and platform builds (for example, Centuri Holdings, Inc. acquiring Connect Atlantic Utility Services Corporation and RESA Power adding Canadian transformer and testing capabilities through acquisitions). Clean‑energy and low‑carbon projects also appear, including renewable microgrid capabilities and a planned low‑carbon methanol facility by StormFisher Hydrogen.
What Stands Out
- Buyers include miners and royalty/streaming companies, infrastructure and private‑equity investors, and specialist energy operators (examples: Fresnillo plc, Royal Gold, Inc., Northleaf Capital Partners, H.I.G. Capital).
- Geographic activity is national but clustered in resource and industrial provinces: British Columbia, Quebec, Ontario, Saskatchewan, Nova Scotia and Alberta.
- Deal types cover minority strategic stakes and stock purchases, majority/control transactions, and tuck‑ins/add‑ons to build regional platforms (examples: minority stake by Agnico Eagle Mines Limited; majority purchase by AirLife Gases Private Limited of Royal Helium Ltd.).
- Commercial and technical capability expansion is a recurring theme: electrical manufacturing and testing (RESA Power / Société Générale d'Électrotechnique), grid/tied and off‑grid renewables (SkyFire Energy Inc. / Hakai Energy Solutions Inc.), and utility services consolidation (Centuri Holdings, Inc. / Connect Atlantic Utility Services Corporation).
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S&P Global completed its acquisition of Enertel AI Corporation, an AI-driven company focused on short-term power price forecasting for North American electricity markets. The deal adds real-time, AI-powered nodal forecasting capabilities to S&P Global Energy’s existing long-term market intelligence, supporting customers such as physical power traders, utilities, and asset operators.
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February 17, 2026
- Buyer
- Agnico Eagle Mines Limited
- Target
- Maple Gold Mines Ltd.
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Growth capital
Agnico Eagle Mines Limited purchased 662,780 common shares of Maple Gold Mines Ltd. at C$2.45 per share for total consideration of C$1,623,811, increasing its stake in Maple to approximately 12.98% on a non-diluted basis. The investment was made from several sellers who participated in a flow-through offering and is part of Agnico Eagle's strategy to acquire strategic positions in prospective exploration opportunities.
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February 13, 2026
- Buyer
- Teine Energy Ltd.
- Target
- TMax Energy Ltd.
- Industry
- Energy
- Location
- Alberta, Canada
- Type
- Buyout
Teine Energy Ltd. has entered into a definitive agreement to acquire all outstanding shares of TMax Energy Ltd. to increase Teine’s Duvernay acreage to over 700 sections. The acquisition follows Teine’s current production of more than 10,000 boe per day from its Carrot Creek Duvernay lands.
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February 13, 2026
- Buyer
- Snow Lake Resources Ltd. (d/b/a Snow Lake Energy)
- Target
- Global Uranium and Enrichment Limited (GUE)
- Industry
- Energy
- Location
- Manitoba, Canada
- Type
- Buyout
Snow Lake Resources Ltd., doing as Snow Lake Energy, has completed its acquisition of Global Uranium and Enrichment Limited (GUE). The deal expands Snow Lake’s U.S. uranium exploration and development footprint (including Pine Ridge in Wyoming and additional Colorado projects) and strengthens its position in the nuclear fuel cycle via stakes in Ubaryon (uranium enrichment) and Kadmos Energy (small modular reactors).
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February 12, 2026
- Buyer
- Gold Candle Ltd.
- Target
- Fokus Mining Corporation
- Industry
- Energy
- Location
- Quebec, Canada
- Type
- Buyout
Gold Candle Ltd. has entered into a definitive arrangement agreement to acquire all issued and outstanding shares of Fokus Mining Corporation for CAD 0.26 per share in an all-cash transaction valued at approximately CAD 65 million. The deal is intended to expand Gold Candle’s Abitibi, Quebec gold portfolio by adding ~1.4 million ounces of inferred gold resources and more than 20,000 hectares of land.
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- Buyer
- LG Energy Solution
- Target
- NextStar Energy
- Seller
- Stellantis
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Buyout
LG Energy Solution will acquire full ownership of NextStar Energy, buying out Stellantis’ 49% equity stake. The deal follows LG Energy Solution and Stellantis’ jointly agreed plan to restructure the 2022 battery joint venture in Windsor, Ontario to better target the Energy Storage System (ESS) market.
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February 3, 2026
- Buyer
- Ovintiv Inc., Ovintiv Canada ULC
- Target
- NuVista Energy Ltd.
- Industry
- Energy
- Location
- Alberta, Canada
- Type
- Buyout
Ovintiv completed its acquisition of all common shares of NuVista Energy Ltd. in a cash-and-stock transaction valued at about $2.7 billion. The deal adds roughly 140,000 net acres and about 930 net 10,000-foot equivalent well locations in the oil-rich Alberta Montney, with expected 2026 production averaging about 100 MBOE/d.
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- Buyer
- RESA Power, Kohlberg
- Target
- Société Générale d'Électrotechnique (SGE)
- Industry
- Energy
- Location
- Quebec, Canada
- Type
- Addon
RESA Power, a portfolio company of Kohlberg, has acquired Québec City-based Société Générale d'Électrotechnique (SGE), adding in-house engineering and Canadian manufacturing of medium- and high-voltage power transformers. The deal expands RESA Power's footprint into Quebec and broadens its electrical construction, testing, and transformer capabilities as part of a strategy to build regional hubs across Canada.
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January 27, 2026
- Buyer
- Altius Minerals Corporation
- Target
- Lithium Royalty Corp.
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Buyout
Altius Minerals Corporation entered into a definitive plan-of-arrangement agreement to acquire all outstanding shares of Lithium Royalty Corp. for total consideration of approximately C$520 million (C$9.50 per LRC share), payable at shareholders’ election as cash, Altius shares, or a mix subject to proration. The transaction is court- and shareholder-approval subject and is currently expected to close around March 2026.
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January 26, 2026
- Buyer
- Fresnillo plc
- Target
- Probe Gold Inc.
- Seller
- Probe Gold shareholders (including certain directors/officers and other selling shareholders such as Eldorado Gold Corporation)
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Buyout
Fresnillo plc completed an all-cash acquisition of Probe Gold Inc. for approximately C$780 million (C$3.65 per share), closing on 22 January 2026. The deal gives Fresnillo ownership of Probe’s Novador project in the Val d'Or district (Quebec), expanding Fresnillo’s geographic footprint and gold resource base in Canada.
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January 23, 2026
- Buyer
- CMOC Group Limited
- Target
- Equinox Gold Corp. Brazil Operations (Aurizona Mine, RDM Mine and Bahia Complex)
- Seller
- Equinox Gold Corp.
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Divestiture
Equinox Gold has completed the previously announced sale of its Aurizona Mine, RDM Mine and Bahia Complex in Brazil (the “Brazil Operations”) to a subsidiary of the CMOC Group for total consideration of up to US$1.015 billion. Equinox Gold received US$900 million in cash and will receive a production-linked contingent payment of up to US$115 million on January 23, 2027, using proceeds to repay debt and reduce net debt to about US$150 million.
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- Buyer
- American Lithium Minerals, Inc.
- Target
- Cunningham Mining Ltd
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Growth capital
American Lithium Minerals, Inc. acquired a 19% interest in Cunningham Mining Ltd, which owns the Nugget Trap placer claims (573.7 acres) in the Golden Triangle region of British Columbia and is permitted for a 30,000 cubic yard per annum pay mining program. The transaction expands AMLM's portfolio of precious- and critical-metals projects and the company appointed Ryan Cunningham as President and CEO of its wholly owned subsidiary American Mineral Resources, Inc.
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January 15, 2026
- Buyer
- SkyFire Energy Inc.
- Target
- Hakai Energy Solutions Inc.
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Buyout
SkyFire Energy Inc. has acquired Hakai Energy Solutions, a British Columbia–based renewable energy firm specializing in grid-tied and remote off-grid solar and microgrid systems. The acquisition expands SkyFire's presence across Vancouver Island, coastal British Columbia and remote communities and strengthens its capabilities in solar, microgrid and battery energy storage systems, creating a combined team of roughly 200 employees.
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November 29, 2025
- Buyer
- AirLife Gases Private Limited
- Target
- Royal Helium Ltd.
- Industry
- Energy
- Location
- Saskatchewan, Canada
- Type
- Buyout
AirLife Gases Private Limited completed the acquisition of 79,901,328 common shares and 4,000,000 warrants of Royal Helium Ltd., representing approximately 52.9% of the fully-diluted common shares, giving AirLife control of Royal Helium. The deal gives AirLife upstream access to helium production assets in southern Saskatchewan and southeastern Alberta, Canada, and rights to nominate a board majority and an exclusive offtake for Royal Helium's helium and specialty gases.
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November 19, 2025
- Buyer
- Centuri Holdings, Inc.
- Target
- Connect Atlantic Utility Services Corporation (CAUS)
- Seller
- Pilot Wave Holdings Management, LLC
- Industry
- Energy
- Location
- Nova Scotia, Canada
- Type
- Buyout
Centuri Holdings, Inc. (NYSE: CTRI) has completed the acquisition of Connect Atlantic Utility Services Corporation (CAUS), a leading electric utility services provider in Atlantic Canada. The deal expands Centuri's Canadian footprint and adds electric transmission, distribution, maintenance and storm-restoration capabilities to complement its existing gas services; CAUS is headquartered in Bedford, Nova Scotia and has more than 150 employees.
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November 14, 2025
- Buyer
- Waterous Energy Fund Management Corp. (on behalf of Waterous Energy Fund III partnerships)
- Target
- Greenfire Resources Ltd.
- Industry
- Energy
- Location
- Alberta, Canada
- Type
- Growth capital
Waterous Energy Fund Management Corp., acting for certain Waterous Energy Fund III partnerships, purchased 1,926,055 common shares of Greenfire Resources Ltd. in a private transaction for C$6.65 per share (C$12.81 million), increasing its ownership in Greenfire to approximately 71.1% on an undiluted basis. The purchase represents an incremental strategic investment by Waterous to consolidate its position in the Calgary-based oil sands producer.
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October 29, 2025
- Buyer
- Cygnet Energy Ltd., NGP Energy Capital Management, Carlyle, ARC Financial Corp.
- Target
- Kiwetinohk Energy Corp. (KEC)
- Industry
- Energy
- Location
- Alberta, Canada
- Type
- Buyout
Cygnet Energy has entered into a definitive agreement to acquire Kiwetinohk Energy Corp. (KEC) for C$24.75 per share in cash, valuing the transaction at approximately C$1.4 billion including debt. The deal is expected to close in December 2025, subject to court and regulatory approvals, with funding primarily from NGP Energy Capital Management and Carlyle and a portion of ARC Financial’s KEC shares rolling into Cygnet equity.
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October 28, 2025
- Buyer
- RESA Power, LLC, Kohlberg
- Target
- Accurate Power Group Limited
- Seller
- Darren Boeur
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Addon
RESA Power, a Kohlberg-backed provider of power systems services, has acquired Accurate Power Group Limited, a Vancouver-based electrical testing and infrared thermography specialist. The add-on expands RESA Power's technical capabilities and vault/thermography services in the greater Vancouver market as part of a broader Canadian growth strategy.
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- Buyer
- AngloGold Ashanti plc
- Target
- Augusta Gold Corp.
- Seller
- Augusta Gold Corp. stockholders (majority holders via voting support agreements; otherwise not otherwise specified as sellers)
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Buyout
AngloGold Ashanti entered into a definitive merger agreement to acquire Augusta Gold Corp. for C$1.70 per share in cash. The transaction was approved by Augusta Gold stockholders and completed on October 23, 2025, with Augusta Gold becoming a wholly-owned subsidiary of AngloGold Ashanti.
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October 15, 2025
- Buyer
- StormFisher Hydrogen
- Target
- Recyclage Carbone Varennes (RCV)
- Industry
- Energy
- Location
- Quebec, Canada
- Type
- Buyout
StormFisher Hydrogen has acquired Recyclage Carbone Varennes (RCV) through a court‑approved process and will repurpose the partially built RCV site to develop North America’s first large‑scale low‑carbon (RFNBO‑compliant) methanol plant in Varennes, Québec. The facility — using clean hydrogen and captured CO₂ — is planned to produce more than 72,000 tonnes of low‑carbon methanol annually and begin operations in 2028, supporting maritime, aviation, and chemical markets while capturing over 100,000 tonnes of CO₂ per year.
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- Buyer
- Northleaf Capital Partners, Provident Energy Management Inc.
- Target
- PowerStream Energy Services
- Seller
- Alectra Energy Services Inc., Alectra Inc.
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Addon
Infrastructure funds managed by Northleaf Capital Partners completed a tuck‑in acquisition of PowerStream Energy Services from Alectra Energy Services Inc., executed through Northleaf portfolio company Provident Energy Management. The deal expands Provident’s sub‑metering and billing footprint across Ontario, combining complementary capabilities and a contracted revenue profile to drive scale and growth.
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September 16, 2025
- Buyer
- Premier American Uranium Inc.
- Target
- Nuclear Fuels Inc.
- Seller
- Nuclear Fuels shareholders
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Buyout
Premier American Uranium Inc. (PUR) completed an arrangement to acquire 100% of the issued and outstanding common shares of Nuclear Fuels Inc. (NF), with former NF shareholders receiving 0.33 PUR shares for each NF share. As a result, Nuclear Fuels becomes a wholly owned subsidiary of Premier American Uranium as PUR expands and consolidates its U.S. uranium exploration portfolio, including the Kaycee and Cyclone projects in Wyoming.
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August 18, 2025
- Buyer
- Sun Valley Investments AG, Goldlogic Corp.
- Target
- Canagold Resources Ltd.
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Growth capital
Sun Valley Investments AG and related party Goldlogic Corp. participated in a private placement acquiring 4,889,684 common shares of Canagold Resources Ltd. for approximately CAD$2.0 million. The transaction increases Sun Valley's stake in Canagold to approximately 48.25% on an undiluted basis and was completed August 18, 2025; the investment was made for investment/growth purposes to support the company's exploration and development activities.
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- Buyer
- Triple Flag Precious Metals Corp.
- Target
- Orogen Royalties Inc.
- Seller
- Orogen shareholders
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Buyout
Triple Flag Precious Metals Corp. completed the acquisition of all issued and outstanding common shares of Orogen Royalties Inc. as part of a plan of arrangement, acquiring a 1.0% NSR royalty on the Arthur gold project in Nevada. Consideration comprised C$171.5 million in cash and 5,633,629 Triple Flag common shares (split 50/50 cash and shares by election), and Triple Flag also invested C$10 million for an ~11% equity stake in a newly created Orogen Spinco.
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- Buyer
- H.I.G. Capital
- Target
- 4Refuel
- Seller
- Finning International Inc.
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Buyout
H.I.G. Capital affiliate has acquired 4Refuel, a Canadian-led mobile on-site refueling (MOR) provider, from Finning International for up to C$400 million. The transaction gives H.I.G. a platform in mobile fueling and fuel-management services across Canada with a growing presence in Texas, with plans to accelerate growth organically and through strategic acquisitions.
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June 23, 2025
- Buyer
- CMOC Group Limited, CMOC Singapore Pte. Ltd.
- Target
- Lumina Gold Corp.
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Buyout
CMOC Group, through its subsidiary CMOC Singapore Pte. Ltd., completed an all-cash acquisition of Canadian mining company Lumina Gold for C$581 million. The deal gives CMOC control of Lumina’s Cangarejos gold-copper project in southwest Ecuador, following a court-approved plan of arrangement.
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June 20, 2025
- Buyer
- Uranium Energy Corp
- Target
- Anfield Energy Inc.
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Growth capital
Uranium Energy Corp acquired 170,000,000 common shares of Anfield Energy Inc. by private agreement for CAD 19,550,000 (CAD 0.115 per share), increasing its beneficial ownership to approximately 32.4% on a non-diluted basis. The purchase was made for investment purposes and UEC filed an early warning report; it may adjust its ownership in Anfield in the future.
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- Buyer
- Novacap, Caisse de dépôt et placement du Québec (La Caisse), NDT Global management
- Target
- NDT Global
- Seller
- Previan
- Industry
- Energy
- Location
- Quebec, Canada
- Type
- Recapitalization
Novacap completed a reinvestment in NDT Global as the business is formally separated from Previan and established as an independent company. The transaction leaves NDT Global backed by Novacap alongside Caisse de dépôt et placement du Québec (La Caisse) and company management, positioning the business to pursue targeted investments in inspection technology, automation and AI for energy-sector integrity management.
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- Buyer
- Whitecap Resources Inc.
- Target
- Veren Inc.
- Industry
- Energy
- Location
- Alberta, Canada
- Type
- Buyout
Whitecap Resources Inc. and Veren Inc. held special shareholder meetings in May 2025, with shareholders voting in favor of their previously announced business combination. Court of King’s Bench approval is scheduled for May 8, 2025, and the transaction is expected to close on or about May 12, 2025.
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March 20, 2025
- Buyer
- Agnico Eagle Mines Limited
- Target
- Cartier Resources Inc.
- Industry
- Energy
- Location
- Québec, Canada
- Type
- Growth capital
Agnico Eagle Mines Limited agreed to subscribe for 20,770,000 units of Cartier Resources Inc. in a non-brokered private placement for total consideration of C$2,700,100. Each unit includes one Cartier common share and one warrant exercisable for another common share at C$0.18 for five years, with closing expected on or about April 10, 2025.
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February 25, 2025
- Buyer
- Caisse de dépôt et placement du Québec (CDPQ)
- Target
- Innergex Renewable Energy Inc.
- Seller
- Innergex common shareholders, Innergex Series A and Series C preferred shareholders
- Industry
- Energy
- Location
- Quebec, Canada
- Type
- Buyout
Caisse de dépôt et placement du Québec (CDPQ) has entered into a definitive agreement to acquire all issued and outstanding common shares of Innergex Renewable Energy Inc. for C$13.75 per share, implying a total enterprise value of C$10.0 billion. The transaction will take Innergex private, has unanimous support from Innergex’s board and backing from largest shareholder Hydro-Québec, and is expected to close by Q4 2025 subject to customary approvals.
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February 7, 2025
- Buyer
- Minera Alamos Inc.
- Target
- Sabre Gold Mines Corp.
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Buyout
Minera Alamos Inc. completed its previously announced acquisition of Sabre Gold Mines Corp. by way of a plan of arrangement, acquiring 100% of Sabre’s issued and outstanding common shares. Under the arrangement each Sabre share was exchanged for 0.693 Minera Alamos common shares (resulting in 76,499,114 Minera shares issued) and Minera filed an Early Warning Report reflecting its increase in beneficial ownership from 0% to 100%.
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January 15, 2025
- Buyer
- Uranium Energy Corp
- Target
- Anfield Energy Inc.
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Growth capital
Uranium Energy Corp completed a subscription to acquire 107,142,857 common shares of Anfield Energy Inc. for C$15.0 million (US$10.46 million), increasing its beneficial ownership in Anfield to approximately 17.8% on a non-diluted basis (about 24.2% partially diluted). The investment was made for investment purposes under a subscription agreement and UEC said it may monitor and potentially adjust its ownership in the future.
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January 7, 2025
- Buyer
- PakEnergy, LLC, Charlesbank Capital Partners
- Target
- Petrosight, Inc.
- Industry
- Energy
- Location
- Alberta, Canada
- Type
- Buyout
PakEnergy has acquired Petrosight, a Calgary-based provider of cloud-based wellsite management software, to broaden its end-to-end well lifecycle management capabilities. The acquisition, supported by PakEnergy's private equity partner Charlesbank Capital Partners, integrates Petrosight's drilling, completions, facilities and decommissioning modules with PakEnergy's existing land, field data capture, and accounting solutions.
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December 17, 2024
T.D. Williamson (TDW) has acquired Petro-Line, a Canadian provider of patented pipeline repair products and services known for the PETROSLEEVE. The acquisition adds Petro-Line's in-service pipeline repair capability to TDW's portfolio and expands TDW's presence and service offerings in Western Canada.
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December 16, 2024
- Buyer
- Nature's Miracle Holding Inc., NM Data Inc.
- Target
- J&Y Marigold Ltd.
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Buyout
Nature's Miracle Holding Inc. (through NM Data Inc.) entered into a stock purchase agreement to acquire a 90% controlling equity interest in Toronto-based J&Y Marigold Ltd. for up to $5.32 million. The phased plan targets a 14 MW Bitcoin mining facility at the J&Y Marigold location, with phase I expected to close in Q1 2025 and phase II in Q2 2025.
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December 5, 2024
- Buyer
- Northampton Capital Partners LLC, Northampton Purchaser (affiliate of Northampton Capital Partners LLC)
- Target
- Altius Renewable Royalties Corp.
- Seller
- Altius Minerals Corporation
- Industry
- Energy
- Location
- Newfoundland and Labrador, Canada
- Type
- Buyout
An affiliate of Northampton Capital Partners LLC completed the acquisition of all issued and outstanding common shares of Altius Renewable Royalties Corp. (TSX:ARR, OTCQX:ARTWF) (other than those indirectly owned by Altius Minerals) for C$12.00 per share by way of a statutory plan of arrangement approved by the Court of King’s Bench of Alberta. Northampton said it plans to support ARR and the Great Bay Renewables team to grow the company's renewable energy royalties platform.
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November 11, 2024
- Buyer
- Waterous Energy Fund Management Corp.
- Target
- Greenfire Resources Ltd.
- Seller
- Allard Services Limited, Annapurna Limited, Modro Holdings LLC, Julian McIntyre, Venkat Siva
- Industry
- Energy
- Location
- Alberta, Canada
- Type
- Growth capital
Waterous Energy Fund Management Corp., acting for its Waterous Energy Fund III limited partnerships, closed its previously announced acquisition of 29,988,854 common shares of Greenfire Resources Ltd., representing about 43.3% of Greenfire’s issued and outstanding shares. The stake was acquired for cash consideration following regulatory approvals, including an Alberta Securities Commission decision to cease trade Greenfire’s initial shareholder rights plan.
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November 1, 2024
- Buyer
- Irth Solutions
- Target
- OneBridge Solutions Inc.
- Industry
- Energy
- Location
- Alberta, Canada
- Type
- Addon
Irth Solutions, a Blackstone portfolio company headquartered in Columbus, Ohio, has completed the acquisition of OneBridge Solutions Inc., an Edmonton-based developer of the Cognitive Integrity Management (CIM) AI-driven platform for pipeline integrity. The deal combines OneBridge's predictive analytics and machine learning capabilities with Irth's geospatial and business-intelligence platform to deliver an integrated SaaS solution for pipeline, utility, and critical infrastructure operators.
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October 24, 2024
- Buyer
- BP Energy Partners, LLC
- Target
- Novitech, Inc.
- Seller
- Campos Holding Company
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Growth capital
BP Energy Partners, a Dallas-based private equity firm, has completed a growth investment in Novitech, an inline pipeline inspection technology and data analytics company headquartered in Toronto. The Campos Family (Campos Holding Company) will retain a significant minority stake and proceeds will support Campos' broader operations while BPEP will help scale Novitech's proprietary Micron inspection technology.
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October 7, 2024
- Buyer
- Power Grid Components, Blackstone Energy Transition Partners
- Target
- Vizimax Inc.
- Seller
- BDC Capital, Yaletown Ventures
- Industry
- Energy
- Location
- Quebec, Canada
- Type
- Addon
Power Grid Components (PGC), a Blackstone portfolio company, has acquired Vizimax Inc., a Longueuil, Quebec–based provider of controlled switching devices for high- and medium-voltage power systems. The add-on purchase expands PGC's product capabilities and footprint in North America and internationally; Vizimax was previously owned by a group led by BDC Capital and Yaletown Ventures.
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October 7, 2024
- Buyer
- Foremost Clean Energy Ltd., Denison Mines Corp.
- Target
- Denison Mines Corp. (interest in 10 uranium exploration properties)
- Seller
- Denison Mines Corp.
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Divestiture
Foremost Clean Energy entered an option agreement with Denison Mines under which Foremost acquired an initial 20% of Denison's interest in 10 uranium exploration properties in the Athabasca Basin in exchange for issuing 1,369,810 Foremost shares to Denison (approx. 19.95% of Foremost). The option agreement allows Foremost to earn up to 70% of Denison's interest over three phases with additional cash/stock payments and exploration expenditure commitments to fund further earn-in phases.
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August 12, 2024
- Buyer
- Gold Fields Limited
- Target
- Osisko Mining Inc.
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Buyout
Gold Fields Limited, through a wholly owned Canadian subsidiary, has entered into a definitive arrangement agreement to acquire all outstanding shares of Osisko Mining Inc. in an all-cash transaction valued at approximately C$2.16 billion. The deal is expected to close in Q4 2024 and will be completed via a statutory plan of arrangement under Ontario law.
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August 12, 2024
- Buyer
- Tourmaline Oil Corp.
- Target
- Crew Energy Inc.
- Industry
- Energy
- Location
- Alberta, Canada
- Type
- Buyout
Tourmaline Oil Corp. has entered into a definitive arrangement to acquire all issued and outstanding common shares of Crew Energy Inc. in exchange for 18.778 million Tourmaline common shares and the assumption of approximately $240 million of net debt, for total consideration of about $1.3 billion. The deal, approved by both boards and expected to close in early October 2024, significantly increases Tourmaline's NEBC Montney position, adds ~29,000–30,000 boepd of production and material reserves, and is expected to be accretive to free cash flow with substantial identified synergies.
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August 6, 2024
- Buyer
- Miata Metals Corp.
- Target
- 79North Inc.
- Seller
- 79North shareholders
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Buyout
Miata Metals Corp. entered a definitive agreement to acquire 100% of 79North Inc. in an all-share, three‑cornered amalgamation whereby Miata will issue 9,000,000 common shares to 79North shareholders. The acquisition adds two prospective gold projects (Sela Creek and Nassau) in Suriname to Miata’s portfolio and is intended to geographically expand Miata’s exploration footprint and asset base.
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July 17, 2024
- Buyer
- Detechtion Technologies, Resurgens Technology Partners
- Target
- EZ Ops
- Industry
- Energy
- Location
- Alberta, Canada
- Type
- Addon
Detechtion Technologies, a Resurgens Technology Partners portfolio company, has acquired EZ Ops, a Calgary-based provider of AI-driven field operations and logistics management software for the oil & gas industry. The add-on expands Detechtion's mobile and AI capabilities for field service management, integrating EZ Ops' solution with Detechtion's Fieldlink suite to improve production, reduce OPEX, and enhance safety for upstream producers and oilfield service customers.
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July 9, 2024
Accenture has acquired True North Solutions, an industrial engineering and operational-technology (OT) specialist headquartered in Calgary, Alberta. The acquisition adds roughly 95 automation, instrumentation and electrical engineering experts to Accenture’s Industry X and Resources teams to strengthen OT, industrial automation, enterprise asset management and OT cybersecurity capabilities for energy and mining clients.
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- Buyer
- Krystal Growth Partners
- Target
- Enex Energy Corporation
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Growth capital
Krystal Growth Partners has acquired a 50% interest in Enex Energy Corporation, a wholesale distributor of Esso fuels and Mobil lubricants that serves commercial customers across Vancouver Island, the Lower Mainland, Northern British Columbia and Alberta. The investment will partner Krystal's capital and expertise with Enex management to support the company's next phase of growth, including market and product expansion.
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- Buyer
- Apricus Generation
- Target
- Nexus Renewables, Inc.
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Addon
Apricus Generation has acquired a controlling interest in Nexus Renewables, a Toronto-based solar and energy storage developer and independent power producer with a 500+ MW North American project pipeline. By joining the Apricus platform, Nexus will receive strategic oversight and capital to advance its pipeline to generation as Apricus builds a national distributed solar and battery IPP platform.
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April 25, 2024
- Buyer
- Blue Earth Capital, Alantra (Energy Transition Fund, Klima), Active Impact Investments, GIGA Investments Corp
- Target
- SWTCH
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Growth capital
SWTCH (SWTCH Energy), a Toronto-based provider of EV charging and building energy management solutions for multifamily and commercial properties, raised $27.2 million in a Series B round led by Blue Earth Capital alongside Alantra's Klima fund, Active Impact Investments and GIGA Investments Corp. The growth capital will be used to scale SWTCH's multi-tenant EV charging deployments across North America and to advance its AI/ML-enabled SWTCH Control energy management platform and software integrations for property managers.
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Frequently Asked Questions
What types of energy companies are being acquired in Canada?
Acquisitions cover a broad set of energy subsectors: precious‑ and critical‑minerals/mining companies and projects (e.g., Fresnillo plc / Probe Gold Inc.), power systems and transformer manufacturing, electrical testing and utility services (RESA Power, Centuri Holdings, Inc.), renewables and microgrid firms (SkyFire Energy Inc.), and specialty upstream gas/helium assets (AirLife Gases Private Limited / Royal Helium Ltd.).
Are these transactions concentrated in particular provinces?
Activity is spread across Canada with recent events in British Columbia, Quebec, Ontario, Saskatchewan, Nova Scotia and Alberta, reflecting both resource‑rich regions and provincial utility markets.
Do buyers prefer minority investments or full acquisitions?
Both approaches appear. Some buyers take minority strategic stakes (for example, Agnico Eagle Mines Limited increased its stake in Maple Gold Mines Ltd.), while others pursue majority control or full acquisitions to consolidate operations or secure resources (for example, AirLife Gases Private Limited acquired a controlling interest in Royal Helium Ltd.).
What strategic motives recur in these deals?
Common rationales include expanding regional footprints and technical capabilities (platform add‑ons and tuck‑ins), securing upstream resources or royalty exposure, and building low‑carbon or renewable capacity (e.g., repurposing sites for large‑scale low‑carbon methanol production by StormFisher Hydrogen).