Cenovus Buying Husky for $3.8B

CBJ — Cenovus Energy will acquire Husky Energy in an all-stock transaction currently valued at $3.8 billion.

The merged company will remain headquartered in Calgary.

Cenovus CEO Alex Pourbaix retains his leadership post while Husky CFO Jeff Hart keeps his title as well, taking the role of Pourbaix’s right-hand man with the new company.

The merger is largely a result of the ongoing COVID-19-global pandemic, which in turn has caused a large drop in crude oil prices with demand far lower than would traditionally be required.