Energy Acquisitions in Canada

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.

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.

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.

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.

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.

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.

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.

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.

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.

Royal Gold, Inc. completed the previously announced acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp., issuing approximately 18.6 million shares to Sandstorm shareholders and paying roughly $126 million in cash consideration for Horizon. The transactions increase Royal Gold's scale and diversification in precious metals streaming and royalties; Sandstorm and Horizon have requested delisting of their public shares following closing.

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.

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.

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.

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.

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.

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.

CMOC Singapore Pte. Ltd., a subsidiary of CMOC Group Limited, has completed its acquisition of Lumina Gold Corp. under a court-approved plan of arrangement. Lumina's shares will be delisted from the TSXV and withdrawn from OTCQB as Lumina ceases to be a reporting issuer in Canada.

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.

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.

BWX Technologies, Inc. (BWXT) completed its acquisition of Kinectrics, Inc. on May 20, 2025, integrating Kinectrics as a subsidiary within BWXT's Commercial Operations segment. The deal expands BWXT's capabilities across the commercial nuclear power lifecycle and medical isotope production, and adds roughly ~900 employees to BWXT's Commercial Operations organization.

Agnico Eagle Mines Limited completed a full acquisition of O3 Mining Inc. after a board-supported all-cash takeover bid of $1.67 per share (representing a 58% premium), initially taking up ~94.1% of outstanding shares and later completing an amalgamation to acquire 100% of O3 Mining. The acquisition is intended to integrate O3 Mining's Marban Alliance project adjacent to Agnico Eagle's Canadian Malartic land package and to advance the project's development under Agnico Eagle's operational and financial capacity.

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.

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%.

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.

LS Power completed the acquisition of Algonquin Power & Utilities Corp.’s large-scale renewable energy business on January 8, 2025. LS Power created Clearlight Energy to operate the acquired ~3,000+ MW of operating wind, solar, battery and RNG assets, while its REV Renewables unit will acquire the remaining ~6,200 MW of development projects, expanding LS Power’s utility-scale renewables and storage footprint across the United States and Canada.

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.

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.

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.

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.

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.

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.

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.

Gold Fields Limited, through a 100% owned Canadian subsidiary, agreed to acquire all issued and outstanding common shares of Osisko Mining Inc. for C$4.90 per share in an all-cash transaction valued at approximately C$2.16 billion, representing a ~55% premium. The deal (plan of arrangement) consolidates Gold Fields’ ownership of the advanced-stage Windfall gold project and is expected to close in Q4 2024 subject to customary court and regulatory approvals.

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.

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.

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.

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.

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.

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.

Silvercorp Metals agreed to acquire all outstanding common shares of Adventus Mining by way of a statutory plan of arrangement, with Adventus shareholders receiving 0.1015 Silvercorp shares per Adventus share (implying an ~C$200 million equity value). The deal adds Adventus' advanced El Domo copper‑gold project in Ecuador and broader exploration portfolio, delivering immediate geographic and metal diversification to Silvercorp and enhancing near‑term production optionality.

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.

RESA Power, a portfolio company of Investcorp, has acquired AVATT, Inc., an Edmonton-based transformer services firm. The add-on purchase expands RESA Power’s transformer installation, maintenance, oil purification and testing capabilities across western Canada and adds technical expertise and additional oil-processing rigs to its fleet.

Pembina Pipeline Corporation completed the previously announced acquisition of Enbridge Inc.'s interests in the Alliance Pipeline, Aux Sable and NRGreen joint ventures for approximately $3.1 billion. The deal increases Pembina's ownership of those midstream assets, was funded in part by a $1.28 billion subscription receipt offering, and prompted an upward revision to Pembina's 2024 adjusted EBITDA guidance.

Yintai Gold Co., Ltd will acquire all outstanding common shares of Osino Resources Corp. for C$1.90 per share, valuing Osino at approximately C$368 million in an all-cash plan of arrangement. The transaction, which includes a concurrent US$10 million loan to Osino and reimbursement of a termination fee, is subject to shareholder, court and regulatory approvals and is expected to close in H1 2024.

Apogee Interactive has acquired EnergyX Solutions, an Ontario-based AI-powered SaaS company that helps utilities increase customer participation in energy-efficiency programs. The deal adds EnergyX's RetrofitAI capabilities to Apogee's utility customer engagement suite; growth investor M33 Growth is backing the combined organization.

Qualus Corporation, a pure‑play power services firm, has acquired Enkompass Power and Energy Corporation, an Ontario‑based electrical engineering and technical services firm. The deal expands Qualus’ geographic footprint into Canada and broadens its service offerings across studies, power systems engineering, retrofit, commissioning, and specialized field services.

Myers Emergency Power Systems (Myers EPS) has acquired Storage Power Solutions (SPS), a founder-owned Ontario-based provider of battery energy storage systems (BESS). The deal expands Myers EPS's product capabilities into regulatory-driven energy storage markets and accompanies the launch of the EnerShed BESS product line, which starts at 60 kW and meets California Title 24 solar-plus-storage requirements.

Calibre Mining Corp. entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of Marathon Gold Corporation in a court-approved plan of arrangement. The combination creates an Americas-focused mid-tier gold producer with expected pro-forma annual production of approximately 500,000 ounces (2025–2026E) and fully funds the construction of Marathon’s Valentine Gold Project.

TransAlta Corporation entered a definitive agreement to acquire Heartland Generation and affiliated Alberta Power assets from an affiliate of Energy Capital Partners for approximately C$658 million inclusive of assumed debt (C$390 million purchase price plus C$268 million debt). The acquisition adds ~1,844 MW of flexible generation (cogeneration, peaking and gas-fired thermal), is expected to be immediately accretive to cash flow and deliver corporate pre-tax synergies of about C$20 million annually, and supports TransAlta's strategy to expand flexible capacity to meet Alberta's energy transition and reliability needs.

Calgary-based Qube Technologies raised a Series B growth round led by Riverbend Energy Group to accelerate product development, expand global commercial footprint, and enter new end-markets. Existing investors including SCF Ventures, North West Capital Partners and individual investor Ian Bruce remain on the cap table; Riverbend will join Qube's board.