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Canadian Natural Completes $3.775 Billion Acquisition of Devon Canada Assets

Published: 06/27/2019

Team: Sherri Fountain, Douglas Richardson, Chris Hersh, Kristin Taylor, Robert Hamilton, Corinne Grigoriu

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 Brock 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).