(Reuters) - Private equity firm Waterous Energy Fund, which holds a 45% stake in Canada’s Osum Oil Sands, said on Tuesday it plans to buy about 40% more stake in the privately held energy company in a deal valued at C$126 million ($95.96 million). Calgary-based Waterous Energy said Osum shareholders would receive cash consideration of C$2.40 per share for each share tendered. The deal comes at a time when the pandemic has put additional pressure on energy companies in Canada, the fourth-largest global oil producer, forcing them to cut costs and consolidate to weather a downturn. Last month, Cenovus Energy Inc CVE.TO agreed to buy rival Husky Energy HSE.TO to create Canada"s No. 3 oil and gas producer. Earlier this year, Cona Resources, a Waterous portfolio company acquired Pengrowth Energy for about C$740 million.