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DEALMAKERS Calgary-based Norton Rose Canada energy partner Chrysten Perry, 51, and securities senior partner Kevin Johnson, 56. THE CLIENT Malaysian state-owned oil and gas company Petroliam Nasional Berhad, which is known as Petronas. THE DEAL Petronas will acquire Calgary-based Progress Energy Resources Corp. in a deal valued at roughly $5.35 billion, including debt, Progress announced Thursday. THE DETAILS Kuala Lumpur–based Petronas will pay $19.78 in cash for each Progress share, or a total of roughly $4.6 billion. The price represents a premium of 77 percent over Progress’s Wednesday closing price. The deal is expected to close in September, following the approval by Progress shareholders and Canadian regulators. The agreement also calls for Petronas to receive a breakup fee of $147.2 million should Progress terminate the agreement in order to accept a rival offer. THE BIG PICTURE The two companies have a history together, with Petronas paying $1.1 billion last year to buy into a joint venture with Progress aimed at developing shale assets in the British Columbia-based Montney shale play. In acquiring Progress, Petronas is looking to further capitalize on the target’s access to natural gas assets throughout British Columbia and Alberta. Western Canada has become a hotbed for energy deals involving foreign buyers, with companies overseas looking to cash in on an area rich in oil sands and shale assets. Petronas said in April that it planned to invest a sizable amount in the region, with The Globe and Mail noting that the Malaysian company is entering a crowded field of Asian investors that already includes several Chinese state-owned companies buying interest in regional assets.

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