Under terms of the definitive agreement announced Wednesday, Brookfield Bridge will pay 30 cents for each of the shares it doesn't already own.
The deal amounts to a premium of 131 per cent over the stock's closing price on May 3, the last trading day before the offer was made. The company has just over 84.1 million shares.
On the Toronto Stock Exchange, Second Wave shares were up a penny at 29.5 cents Wednesday afternoon.
"The consideration offered by Brookfield is above the fair market value range of the common shares as determined by an independent, formal valuation obtained by Second Wave in accordance with applicable securities laws," the company said in a statement.
Second Wave, which is focused on oil and natural gas production in Western Canada, said the transaction is expected to close by the end of June, subject to shareholder, court and regulatory approval.