Ovintiv to Acquire NuVista Energy for $C3.8 Billion

Ovintiv and NuVista Energy announced that they have entered into a definitive agreement whereby Ovintiv will acquire all of the outstanding shares of NuVista in a cash and stock transaction that values NuVista at approximately C$3.8 billion. Included in the total transaction value is approximately C$300 million of NuVista net debt and 18.5 million shares of NuVista common stock which Ovintiv purchased in a previous transaction. The acquisition is expected to add approximately 930 net 10,000-foot equivalent well locations, and approximately 140,000 net acres (approximately 70% undeveloped) in the core of the oil-rich Alberta Montney.

Bennett Jones acted as Canadian tax counsel to Ovintiv.

The Bennett Jones team consists of Greg Johnson, Jehad Haymour and Zachary Thacker (Tax).

Read the transaction press release.