Special Committee of MEG Energy Corp. in connection with its acquisition by Cenovus Energy Inc.
Canada | August 26, 2025
Client: MEG Energy Corp.
Our Calgary office with support from Toronto is advising the Special Committee of the Board of Directors of MEG Energy Corp. in connection with the acquisition of MEG by Cenovus Energy Inc. for C$7.9 billion. This transaction is the culmination of the strategic review process that was undertaken by the Special Committee following the unsolicited take-over bid made by Strathcona Resources Ltd. to acquire all of the outstanding MEG common shares.
Under the terms of the arrangement agreement, Cenovus will acquire all of the issued and outstanding common shares of MEG for C$27.25 per share, which will be paid 75% in cash and 25% in Cenovus common shares. The transaction, to be completed by way of a plan of arrangement, is expected to close in the fourth quarter of 2025, subject to customary approvals.
The acquisition brings together two leading oil producers with a combined production of over 720,000 barrels a day.
Under the terms of the arrangement agreement, Cenovus will acquire all of the issued and outstanding common shares of MEG for C$27.25 per share, which will be paid 75% in cash and 25% in Cenovus common shares. The transaction, to be completed by way of a plan of arrangement, is expected to close in the fourth quarter of 2025, subject to customary approvals.
The acquisition brings together two leading oil producers with a combined production of over 720,000 barrels a day.