Client Work

Bennett Jones Acts for Cenovus in $23.6-billion Combination with Husky

October 27, 2020
Authors
Harinder S. BasraCalgary Managing Partner
Colin R. PerryPartner
Brent W. KrausPartner
Anu NijhawanPartner
Ashley M. WhitePartner
Mark RasilePartner
Carl CunninghamPartner
Michael P. Theroux KCPartner
Shawn M. MunroPartner

Bennett Jones is acting for Cenovus Energy Inc. in its combination with Husky Energy Inc. to create a new integrated Canadian oil and natural gas company. The companies have entered into a definitive arrangement agreement under which Cenovus and Husky will combine in an all-stock transaction valued at $23.6 billion, inclusive of debt.

The combined company will operate as Cenovus Energy Inc. and remain headquartered in Calgary, Alberta. It will be the third largest Canadian oil and natural gas producer and the second largest Canadian-based refiner and upgrader. The transaction has been unanimously approved by the Boards of Directors of Cenovus and Husky and is expected to close in the first quarter of 2021.

The Bennett Jones team was led by John Piasta (M&A) and included Harinder Basra, Colin Perry, Beth Riley and Brent Kraus (M&A), Beth Riley (Competition), Anu Nijhawan (Tax), Thomas McInerney and Ashley White (Energy), Mark Rasile (Banking), Carl Cunningham (Employment), Mike Theroux (Litigation) and Shawn Munro (Regulatory).

For more information on the deal, Cenovus' news release is available here.

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This publication provides an overview of legal trends and updates for informational purposes only. For personalized legal advice, please contact the authors.

Authors

Harinder S. Basra, Calgary Managing Partner  •   Co-Head of Energy Practice
Calgary  •   403.298.4494  •   basrah@bennettjones.com
Colin R. Perry, Partner
Calgary  •   403.298.3419  •   perryc@bennettjones.com
Brent W. Kraus, Partner  •   Co-Head of Mergers & Acquisitions Practice
Calgary  •   403.298.3071  •   krausb@bennettjones.com
Anu Nijhawan, Partner  •   Co-Head of Tax Department
Calgary  •   403.298.3389  •   nijhawana@bennettjones.com
Ashley M. White, Partner  •   Co-Head of Energy Practice
Calgary  •   403.298.3471  •   whitea@bennettjones.com
Mark Rasile, Partner
Toronto  •   416.777.5088  •   rasilem@bennettjones.com
Carl Cunningham, Partner  •   Co-Head of Employment Services Practice
Toronto  •   416.777.4847  •   cunninghamc@bennettjones.com
Michael P. Theroux KC, Partner   •   Co-Head of Commercial Litigation Practice
Calgary  •   403.298.4438  •   therouxm@bennettjones.com
Shawn M. Munro, Partner
Calgary  •   403.298.3481  •   munros@bennettjones.com