Ovintiv and NuVista Energy announced that they have entered into a definitive agreement whereby Ovintiv will acquire all of the outstanding shares of NuVista in a cash and stock transaction that values NuVista at approximately C$3.8 billion. Included in the total transaction value is approximately C$300 million of NuVista net debt and 18.5 million shares of NuVista common stock which Ovintiv purchased in a previous transaction. The acquisition is expected to add approximately 930 net 10,000-foot equivalent well locations, and approximately 140,000 net acres (approximately 70% undeveloped) in the core of the oil-rich Alberta Montney.
Bennett Jones acted as Canadian tax counsel to Ovintiv.
The Bennett Jones team consists of Greg Johnson, Jehad Haymour and Zachary Thacker (Tax).