Cenovus Energy agrees to buy Athabasca Oil for CAD 12 per share
CVE•Cenovus Energy agreed to acquire Athabasca Oil in a cash-and-stock deal valued at CAD 12 per share, implying an equity value of about CAD 5.8 billion and an enterprise value of CAD 5.7 billion. The deal is expected to close in December 2026.
1. Deal terms
The consideration is set at 65% cash and 35% Cenovus shares. Athabasca shareholders can elect cash, shares or a mix, subject to proration; the exchange ratio is 0.264 Cenovus share per Athabasca share.
2. Offer premium
The offer represents a 14% premium to Athabasca’s 20-day volume-weighted average price and a 25% premium to its proved-plus-probable after-tax net asset value. Deal metrics include CAD 127,000 per boe/d and 10.2 times debt-adjusted funds flow.
