CK Hutchison-backed Cenovus Energy to Acquire MEG Energy in C$7.9 Billion Deal
MT Newswires Live
Aug 25
CK Hutchison-backed (HKG:0001) Cenovus Energy agreed to acquire upstream oil and gas producer MEG Energy in a cash and stock transaction valued at C$7.9 billion, according to a statement Friday.
The firm will pay C$27.25 per MEG share, comprised of C$20.44, or 75%, in cash and 0.33125, or 25%, as a Cenovus share.
MEG shareholders can also opt to receive the consideration fully in cash or as Cenovus stock.
Cenovus Energy will fund the deal via a C$2.7 billion loan facility and a C$2.5 billion bridge facility, it said.
The transaction is approved by the boards of both companies and is expected to close in the fourth quarter of 2025.
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