Mergers & AcquisitionsMedium•5 October 2026•
1 min read
Cenovus Energy to Acquire Athabasca Oil in $5.7 Billion Deal
Key Facts
1Cenovus Energy announced a definitive agreement to acquire Athabasca Oil Corporation in a cash and stock transaction.
2The implied enterprise value of the acquisition transaction is approximately $5.7 billion.
Cenovus Energy announced a definitive agreement to acquire Athabasca Oil in a cash-and-stock transaction with an implied enterprise value of about $5.7 billion, according to GlobeNewswire. The deal covers the acquisition of Athabasca Oil Corporation.
Cenovus Energy is targeting asset consolidation in Canada's oil sector and a broader operating footprint through Athabasca's portfolio. CVE closed at $32.40 on October 2, 2026, after trading between $31.15 and $32.50 during the session.