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
  • Strategic rationale

Tables and charts

This report includes 4 images and tables including:

Images

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

Tables

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

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