UTS Energy Corporation (T.UTS) hit a new 52-week high of $3.50; Total E&P Canada Ltd., a Total subsidiary, has signed an agreement with UTS Energy Corporation to acquire UTS Corporation with its main asset, a 20% interest in the Fort Hills mining project in the Athabasca region of the Canadian province of Alberta.
Under the terms of the agreement, UTS will transfer its assets, other than its Fort Hills interest, to a newly formed company and Total E&P Canada will pay a cash amount of $3.08 per share to acquire UTS. Taking into account the cash held by UTS and acquired by Total ($355 million, equivalent to $0.73 per share) the cost of the acquisition for Total amounts to approximately $1.15 billion ($2.35 per share).
