Cenovus to acquire MEG Energy for $7.9bn.

Cenovus, an integrated oil and natural gas company, agreed to acquire MEG Energy, a Canadian oil sands producer, for $7.9bn. “This transaction represents a unique opportunity to acquire approximately 110k barrels per day of production within some of the highest quality, longest-life oil sands resource in the basin, which sits directly adjacent to our core Christina Lake asset. The magnitude of synergies that we have identified makes this a compelling value creation opportunity for Cenovus shareholders. The team at MEG has done a fantastic job developing these assets, and we look forward to leveraging our combined expertise and scale to drive additional value for many years to come,” Jon McKenzie, Cenovus President & CEO.