On June 27, 2019, Canadian Natural Resources Limited – Canada’s largest oil & gas producer – completed its acquisition of substantially all of the assets of Devon Canada Corporation for a cash purchase price of $3.775 billion, with an effective date of January 1, 2019. This is the second largest upstream oil & gas M&A event in North America so far in 2019.
The acquired production, infrastructure and land will add to Canadian Natural’s existing thermal in situ and primary heavy oil areas providing synergies to more effectively and efficiently operate, upon full integration of the employees and the assets.
Cassels acted for Canadian Natural with a deal team that included Sherri Fountain (Business Law), Doug Richardson (Tax), Chris Hersh (Competition), Kristin Taylor (Employment & Labour), Robert Hamilton (Business Law), and Corinne Grigoriu (Tax).
This deal earned an honourable mention on Lexpert’s Top 10 Deals of 2019 under the category of Oilpatch Sell-Off. It was also honoured as Impact Deal of the Year for Alberta by the 2020 IFLR1000 Canada Awards and nominated for M&A Deal of the Year by the Canadian Law Awards.