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UTS Energy Acquired by Total E&P Canada for $1.4 Billion
Practices
On October 12, Paul, Weiss client UTS Energy Corporation (UTS) and Total E&P Canada Ltd. (Total), a subsidiary of Total SA, Europe's second-biggest oil producer, announced that Total completed the acquisition of all outstanding shares of UTS with its main asset, a 20 percent interest in the Fort Hills mining project in the Athabasca region of Alberta, for $1.4 billion (C$1.5 billion).
UTS has transferred its assets -- other than its participation in the Fort Hills Energy Limited Partnership and certain other assets -- to SilverBirch Energy Corporation, a newly formed company, the shares of which have been distributed to UTS's shareholders. The Fort Hills project is operated by Canada's Suncor Energy Inc. with a 60 percent interest, and the remaining 20 percent interest is held by Teck Resources Ltd.
The Paul, Weiss team included corporate partner Andrew Foley and tax partner David Mayo.