Orlen acquires Kicking Horse for PLN 1 bln

The shareholders at Kicking Horse Energy have approved the acquisition of the company by Orlen Upstream Canada, a subsidiary of Polish refiner, PKN Orlen. The value of the holding reached CAD 293 million, which roughly translates to PLN 842 million. However, the deal has been enlarged by debt and operating capital amounting to CAD 356 million (some PLN 1 billion). Canadian court Queen's Bench has also given the transaction the green light. The contract is to be completed later this year.