Deal Insight

Cenovus sells royalty subsidiary to Ontario Teachers' Pension Plan for US$2.6 billion

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Report summary

On 30 June 2015, Cenovus Energy announced it had entered into an agreement to sell its wholly-owned subsidiary, Heritage Royalty Limited Partnership, to Ontario Teachers' Pension Plan ('OTTP') for total consideration of Cdn$3.3 billion (US$2.6 billion). Assets in the transaction include royalty and mineral rights across 4.8 million acres across the Western Canadian Sedimentary Basin (WCSB) and gross overriding royalty interests (GORR) in Cenovus-operated oil projects Pelican ...

What's included

This report contains

  • Document

    Cenovus sells royalty subsidiary to Ontario Teachers' Pension Plan for US$2.6 billion

    PDF 8.05 MB

Table of contents

  • Executive summary
  • Transaction details
  • Deal analysis
    • Cenovus
    • Ontario Teachers' Pension Plan

Tables and charts

This report includes 4 images and tables including:

Tables

  • Transaction details: Table 1
  • Deal analysis: Table 1

Images

  • Cenovus Crown and Freehold leases
  • Gearing ratios: Focused Canadian peer group

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