Tidewater Midstream and Infrastructure has agreed to acquire the shares of Tidewater Renewables it does not already own in an all-share deal valuing the minority stake at about C$261m, the companies said on 2 November 2026.
Why Tidewater Midstream and Infrastructure Ltd. is buying Tidewater Renewables Ltd.
The companies said the combination creates a single integrated energy infrastructure and low-carbon fuels company with one balance sheet and one strategy. The enlarged group will continue to trade on the TSX as TWM.
“one company, one balance sheet, one strategy, one share”
Deal terms and financing
Renewables holders will receive 0.88 Midstream share per share, implying C$20.58 based on Midstream's 30 October 2026 closing price. KPMG valued Renewables shares at the equivalent of 0.62 to 0.84 Midstream shares and gave a fairness opinion to the Renewables special committee; National Bank Financial gave a fairness opinion to Midstream.
Regulatory approvals and timing
The arrangement needs two-thirds of Renewables votes cast plus a majority of the minority under MI 61-101, a simple majority and majority of the minority at Midstream, approval from the Court of King's Bench of Alberta and TSX listing approval. Meetings are expected on 14 December and closing around 18 December 2026, with an outside date of 1 February 2027.
Market context
Midstream floated Tidewater Renewables in 2021 to house its renewable diesel and low-carbon fuel assets in British Columbia, and bought back several co-processing assets from the subsidiary in 2024.
