Tamarack Valley and Headwater Exploration will merge in an all-stock deal valued at $10 billion, the companies said on Tuesday, creating the largest publicly traded producer focused on Alberta’s Clearwater oil play. Under the deal, Headwater shareholders will receive one Tamarack share for each share held, with Tamarack issuing about 237.8 million shares. Tamarack shareholders will own 66.5 per cent of the combined company, while Headwater shareholders will own 33.5 per cent. The transaction is expected to close in the fourth quarter. Reporting by Vallari Srivastava in Bengaluru; Editing by Sherry Jacob-Phillips
