Canada’s Baytex Energy Corp. continues to make progress toward closing its acquisition of Eagle Ford E&P Ranger Oil Corp.

Baytex reported on May 15 that shareholders had approved the deal, a cash and stock transaction valued at $2.5 billion. Baytex said that the holders of 95.45% of shares voted in favor of the purchase, according to a press release.

The company previously closed a private offering of $800 million in senior unsecured notes to help fund the cash portion of the acquisition.

Under the terms of the agreement, Ranger shareholders will receive a fixed ratio of 7.49 shares of Canada’s Baytex and $13.31 in cash for each Ranger share. Upon closing, Baytex shareholders would own approximately 63% of the combined company and Ranger shareholders will own approximately 37%.

Baytex said the merger is expected to close late in second-quarter 2023 or early in the third quarter, subject to the satisfaction of customary closing conditions, including receipt of requisite regulatory approvals and Ranger shareholder approval.