Mergers and Acquisitions:

• IRISNDT, an Edmonton-based company specializing in non-destructive testing and inspection in the U.S., Canada, the U.K., and Australia, has been acquired by Apave Group a France based independent international group with over 150 years of experience in risk management. Financial details were not disclosed. The acquisition was facilitated by First Reserve, a Houston-based global private equity firm.

Financing:

• North American Construction Group Ltd. (TSX:NOA) has extended its senior secured credit facility by one year to October 3, 2027, and increased the capacity from $475MM to $525MM to support its Canadian and Australian operations. The amended facility also allows for up to $400MM in secured equipment financing, up from $350MM. This revolving facility has no scheduled repayments with an interest coverage ratio tested quarterly.

Other

• Canadian Natural Resources Ltd. (TSX:CNQ) is set to acquire additional capacity on the expanded Trans Mountain pipeline from a PetroChina (SHA:601857) unit, enhancing its crude export capabilities following its recent $6.5B purchase of Chevron’s (NYSE:CVX) assets in the Athabasca oil sands and Duvernay shale.

• Tourmaline Oil Corp. (TSE:TOU) and Clean Energy Fuels Corp. (NASDAQ: CLNE) have opened two new compressed natural gas (CNG) stations in Calgary and Grande Prairie. Along with Edmonton’s station, launched in April 2023, these sites form a key corridor for diesel-to-CNG fleet transitions. Under a $70MM agreement, the companies plan to build up to 20 CNG stations across Western Canada over five years, supporting up to 3,000 natural gas-powered trucks daily.

• The Bank of Canada cut interest rates by 50 basis points, reducing the policy rate to 3.75 per cent. This is the fourth rate cut since June, as annual inflation nears the 2 per cent target. Governor Tiff Macklem emphasized the bank’s focus has now shifted to sustaining inflation at its target level.