M&A Deal Summary

Cenovus Energy Acquires MEG Energy

On August 22, 2025, Cenovus Energy acquired oil/gas exploration company MEG Energy for 7.9B CAD

Acquisition Highlights
  • This is Cenovus Energy’s 3rd transaction in the Oil/Gas Exploration sector.
  • This is Cenovus Energy’s 0th largest (disclosed) transaction.
  • This is Cenovus Energy’s 2nd transaction in Canada.
  • This is Cenovus Energy’s 2nd transaction in Alberta.

M&A Deal Summary

Date 2025-08-22
Target MEG Energy
Sector Oil/Gas Exploration
Buyer(s) Cenovus Energy
Deal Type Add-on Acquisition
Deal Value 7.9B CAD

Target

MEG Energy

Calgary, Alberta, Canada
MEG Energy is an exploration and production company focused on developing oil sands in the Athabasca region of northern Alberta, Canada. MEG Energy is based in Calgary, Alberta.

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Buyer(S) 1

Buyer

Cenovus Energy

Calgary, Alberta, Canada

Category Company
Sector Oil/Gas Exploration
Employees2,674
Revenue 13M USD (2015)
DESCRIPTION

Cenovus Energy, Inc. is an integrated oil company that is focused on its oil projects and its established natural gas and crude oil production in Alberta and Saskatchewan. The company also has ownership in two refineries located in Illinois and Texas.


DEAL STATS #
Overall 3 of 3
Sector: Oil/Gas Exploration M&A 3 of 3
Type: Add-on Acquisition M&A Deals 1 of 1
State: Alberta M&A 2 of 2
Country: Canada M&A 2 of 2
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-25 Husky Energy

Calgary, Alberta, Canada

Husky Energy is an integrated energy and energy-related company. Husky has two business segments - Husky Energy's Upstream unit which is involved in oil and gas exploration, and Downstream, which is its refining operations. Husky Energy was founded in 1938 and is based in Calgary, Canada.

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