Strathcona to buy oil sands producer Greenfire in C$2.7B–2.9B deal

Strathcona Resources agreed to acquire all of Greenfire Resources in a share-or-cash election deal worth about C$2.7 billion to C$2.9 billion including roughly C$550 million of net debt. Strathcona will issue 43 million to 60 million shares and pay up to about C$740 million in cash. Waterous Energy Fund, which owns 72% of Greenfire and 57% of Strathcona, backs the deal.

Why it matters: Greenfire's assets will become a fourth Strathcona business unit, SCR Central Athabasca, consolidating two oil producers controlled by the same sponsor.