Mergers & Acquisitions ·
Cenovus agrees to acquire Athabasca Oil for $5.7B in cash and stock
CNVEFCenovus Energy Inc.
Cenovus Energy has entered into a definitive arrangement agreement to acquire Athabasca Oil Corporation in an all-stock and cash transaction with an implied enterprise value of $5.7 billion. Under the terms, Athabasca shareholders will receive $12.00 per share, payable entirely in cash or as 0.264 Cenovus common shares, subject to pro-ration limits of $4.3 billion in cash and 44.4 million shares. The transaction adds approximately 45 thousand barrels of oil equivalent per day (MBOE/d) of thermal production proximal to Cenovus’s core assets and is expected to generate $85 million in annual corporate and commercial synergies. Cenovus expects the acquisition to close in December 2026, subject to regulatory approvals and shareholder consent. Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region.