Tidewater Midstream buys remaining Renewables shares for $186.5M

In Canada, Tidewater Midstream and Infrastructure Ltd. and Tidewater Renewables Ltd. have entered into a definitive arrangement agreement dated November 1, 2026 pursuant to which Midstream will acquire all of the outstanding common shares of Renewables that Midstream does not already own.

Under the terms of the Arrangement Agreement, on closing, each Renewables Share (other than Renewables Shares owned by Midstream) will be exchanged for 0.88 of a common share of Midstream (“Midstream Shares”). The Transaction is to be effected by way of a court-approved plan of arrangement under the Business Corporations Act (Alberta).

The Consideration exceeds the exchange ratio implied by top end of the fair market values of the Renewables Shares and the Midstream Shares as determined by KPMG Corporate Finance Inc. in its independent valuation. The proposed combination follows a period of significant progress at both companies, which together with favourable regulatory decisions, is expected to drive record Adjusted EBITDA for 2026.

Based on the closing price of the Midstream Shares on the TSX on October 30, 2026, the Consideration implies a value of $20.58 per Renewables Share and total consideration to Renewables shareholders (other than Midstream) of approximately C$261 million.

Tags: Canada, Tidewater Midstream

Category: Fuels