OTTAWA (dpa-AFX) - Cenovus Energy (CVE.TO, CVE) announced it has entered into a definitive arrangement agreement to acquire Athabasca Oil Corporation (ATH.TO) in a cash and stock transaction with an implied enterprise value of C$5.7 billion. Cenovus expects the acquisition to close in December 2026.
Cenovus will acquire all of the issued and outstanding common shares of Athabasca at a price of C$12.00 per share, payable in cash and Cenovus common shares. Each Athabasca shareholder will have the option to elect to receive, for each Athabasca common share held: C$12.00 in cash; 0.264 of a Cenovus common share; or such other proportion of cash and Cenovus shares as specified by the Athabasca shareholder.
In pre-market trading on NYSE, Cenovus Energy shares are down 0.49 percent to $32.27.
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