Canadian Natural Resources Limited has announced that it has entered into an agreement, subject to regulatory approval, to acquire substantially all of the assets of Devon Canada Corporation, for a cash purchase price of CAD3.775 billion (US$2.9 billion), with an effective date of January 1, 2019, and a targeted closing date of June 27, 2019.
Devon’s high-quality land and production are located in Western Canada and are within Canadian Natural’s core areas. The asset base consists of 100% operated long life low decline thermal in situ production as well as 95% operated conventional primary heavy crude oil production, both adjacent to existing Canadian Natural assets.
Additionally, the assets acquired include 1.5 million acres of land, of which 1.0 million acres are undeveloped, providing significant upside value and opportunities.
As part of the transaction, the Canadian Natural has negotiated a new CAD3.25 billion (US$2.5 billion) committed term facility, which is available upon closing and is estimated to fully fund the net purchase price, after operations closing adjustments from the effective date. The committed acquisition facility was provided by TD Securities as sole underwriter and bookrunner and TD Securities acted as Financial Advisor to the company on the transaction.
The transaction is subject to normal closing conditions and regulatory approvals.
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