The Daily Buyout
$5.7BStrategic acquisitionEnergy & Utilities

Cenovus to buy Athabasca Oil in $5.7B cash-and-stock oil sands deal

Cenovus Energy has signed a definitive arrangement agreement to acquire Athabasca Oil Corporation at $12.00 per share in cash and stock, implying an enterprise value of $5.7 billion and equity value of roughly $5.8 billion. Shareholders can elect cash or 0.264 Cenovus shares, subject to pro-ration capped at $4.3 billion cash and 44.4 million Cenovus shares. The price is a 14% premium to Athabasca's 20-day VWAP, with closing expected in December 2026.

Why it matters: The deal extends Cenovus's oil sands consolidation push and hands it long-life assets it can run at greater scale.

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