Athabasca Oil Announces Agreement to be Acquired by Cenovus Energy
The cash-and-share deal gives Athabasca shareholders a 14% premium and is expected to add about 45,000 barrels of oil equivalent a day.
- On Monday, October 5, 2026, Cenovus Energy Inc. announced it will acquire Athabasca Oil Corporation in a cash-and-share transaction valued at $5.7 billion enterprise value.
- Cenovus President and Chief Executive Officer Jon McKenzie stated the deal "strengthens our position in one of the world's premier oil-producing regions," while consolidating ownership of Duvernay Energy Corporation.
- Athabasca shareholders may elect to receive $12.00 per share in a 65% cash, 35% equity mix, representing a 14% premium to the 20-day volume-weighted average trading price.
- The Athabasca Board of Directors unanimously recommends shareholders vote in favor, with the acquisition expected to close in December 2026 pending customary closing conditions and regulatory approvals.
- Cenovus expects to realize approximately $85 million in annual corporate synergies, with accelerated development of Leismer and Corner thermal assets targeting 115 thousand barrels per day by 2032.
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Cenovus announces agreement to acquire Athabasca Oil Corporation
CALGARY, Alberta, Oct. 05, 2026 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that it has entered into a definitive arrangement agreement to acquire Athabasca Oil Corporation (TSX: ATH) ('Athabasca”) in a cash and stock transaction with an implied enterprise value of $5.7 billion.
Cambridge Times
Athabasca Oil Announces Agreement to be Acquired by Cenovus Energy
$12.00 per share Purchase Price, represents a 14% premium to Athabasca’s 20-day volume-weighted average trading price Transaction consideration mix of 35% Cenovus shares and 65% cash; Athabasca shareholders may elect to receive all cash, all Cenovus shares or any combination…
(Teleborsa) - Canadian Cenovus Energy has agreed to the acquisition of Athabasca Oil on the basis of an enterprise value of 5.7 billion Canadian dollars, corresponding to approximately 4 billion US dollars....
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