02:31 PM EST, 11/13/2025 (MT Newswires) -- Cenovus Energy ( CVE ) has said its acquisition of MEG Energy Corp ( MEGEF ) was completed Thursday, and adds it will provide updated guidance to reflect the deal with its 2026 budget on Dec. 11, 2025.

The company said the total consideration it paid included $752 million of cash paid for 25 million MEG shares acquired through open market transactions and $3.44 billion of cash paid to MEG shareholders, other than Cenovus, under the terms of the agreement. It also involved 143.9 million Cenovus common shares issued to MEG shareholders, other than Cenovus, under the terms of the agreement and approximately $800 million of estimated net debt assumed, on closing.

The company said that the acquisition immediately adds approximately 110,000 barrels per day of low-cost, long-life oil sands production to Cenovus.

The MEG common shares are expected to be delisted by the Toronto Stock Exchange at the close of market tomorrow Friday, Nov, 14, 2025.

"The addition of MEG assets and people will have an immediate positive impact on Cenovus," said Cenovus President and Chief Executive Officer, Jon McKenzie. "The strategic fit is exceptional, the assets are of the highest quality and the synergies we have identified will create significant value over both the short and long term."

Cenovus Energy ( CVE ) shares were last seen down $0.39 to $25.02, while MEG Energy ( MEGEF ) shares were last seen down $0.26 at $30.64 on the Toronto Stock Exchange.

Price: 24.98, Change: -0.43, Percent Change: -1.69