Brazilian oil company, HRT Participacoes em Petroleo, is planning to offer new shares worth about $1.65 billion, The Wall Street Journal reports. HRT may offer about 1.35 million shares for $1,238.49 per share.

The proceeds are expected to be used by HRT to fund its acquisition of Canada’s UNX Energy. UNX shareholders will receive HRT shares backed by Global Depositary Receipts (GDRs), which will be traded on the Toronto Stock Exchange.

Click here for the story from The Wall Street Journal.