Canadian oil and gas producer Avila signs merger LOI with SPAC Insight

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Canadian oil and gas producer Avila Energy (VIK) has signed a non-binding letter of intent for a merger with SPAC Insight Acquisition Corp. (NYSE:INAQ).

The deal would result in Avila listing its shares on a US exchange and estimates the enterprise value of the combined company at around $185M. Avila and Insight have agreed to exclusively negotiate for a definitive agreement until Feb. 24.

Insight currently has $241M in trust. The SPAC raised $240M through an initial public offering in September 2021.