The state-owned power company Abu Dhabi National Energy has agreed to buy Canada's PrimeWest Energy Trust for about $5 billion, including debt.

The $26.75-per-share offer represents a 34 percent premium to PrimeWest's closing price on Friday.

This is the latest in a string of deals between Persian Gulf governments and North American properties. Last week, the private equity firm Carlyle Group sold a 7.5 percent stake in itself to Abu Dhabi of the United Arab Emirates for $1.35 billion. And a Dubai stock exchange agreed to take a 20 percent stake in the Nasdaq stock market.

The PrimeWest buyout is the sixth overseas acquisition for Abu Dhabi National Energy, also known as Taqa, since November, Bloomberg notes. 

Based in Calgary, PrimeWest produces and sells oil and natural gas. Last year, it bought oil properties in Montana, North Dakota, and Wyoming. According to Bloomberg, this acquisition will give Taqa a daily production of North American oil and gas equivalent to 61,000 barrels.

Shares of PrimeWest surged by nearly 32 percent today, to $26.26.