Cenovus Energy, a Canadian energy group specialized in the production of oil and gas, has reached an agreement to take control of Athabasca Oil, also based in Canada and dedicated to the oil business, for a total amount of 5.7 billion Canadian dollars (about 3.55 billion euros), which will allow it to strengthen its position in the country's crude sector.
According to Cenovus, the integration of Athabasca will allow it to incorporate around 45,000 additional barrels per day of oil, as well as capture estimated annual synergies of 85 million Canadian dollars (53 million euros).
With this acquisition, Cenovus's portfolio will add assets with proven reserves with a lifespan of over 75 years, among which the high-quality oil sands deposits located in Leismer and Corner, in the province of Alberta, stand out.
The agreement establishes that between 65% and 75% of the consideration will be paid in cash, while the remaining portion, between 25% and 35%, will be satisfied through the delivery of Cenovus shares. The price set for each share of Athabasca amounts to 12 Canadian dollars (7.52 euros) or 0.264 ordinary shares of Cenovus.
The closing of the operation is expected for December 2026, subject to the fulfillment of the usual closing clauses, including the relevant regulatory approvals and the approval of Athabasca's shareholders for the transaction.
"This transaction strengthens our position in one of the world's leading oil-producing regions and is a natural extension of our strategy in oil sands. Athabasca's high-quality, long-life assets fit perfectly with our portfolio and provide a clear opportunity to leverage our scale and operational expertise to enhance performance, increase production, and generate long-term value for shareholders," said Cenovus's president and CEO, Jon McKenzie.