Ovintiv Inc. agreed to buy NuVista Energy Ltd in a deal valued at about $2.7 billion that expands the shale explorer’s operations in Canada.
The cash-and-stock acquisition for Calgary-based NuVista will give Ovintiv about 930 well locations and 140,000 net acres in the core of Alberta’s oil-rich Montney basin, according to a statement Tuesday. The deal is expected to generate about $100 million in annual cost savings.
“This transaction boosts our free cash flow per share,” Ovintiv Chief Executive Officer Brendan McCracken said in the statement. “The NuVista assets were identified as part of an in-depth technical and commercial analysis ...
