Cenovus Energy Agrees to Acquire Athabasca Oil in $4 Billion Cash-and-Stock Deal

MT newswire2026/10/05 10:49

06:49 AM EDT, 10/05/2026 (MT Newswires) -- Cenovus Energy (CVE) has agreed to acquire Athabasca Oil at an implied enterprise value of 5.7 billion Canadian dollars ($4 billion), the company said Monday. Under the terms of the deal, Cenovus will acquire all shares of Athabasca at CA$12 apiece, with each Athabasca shareholder having the option to receive CA$12 in cash, 0.264 of a Cenovus share, or any combination for each share they own, the company said. Cenovus has set a maximum of CA$4.3 billion in cash and 44.4 million Cenovus shares for the acquisition, it said. The deal adds around 45,000 barrels of oil equivalent per day to Cenovus' capacity, and is expected to provide around CA$85 million in annual synergies, it said. The transaction, expected to close in December, has been unanimously approved by the boards of both companies, Cenovus said.

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