Deal Insight
CNRL sells royalty positions in Western Canada to PrairieSky Royalty for US$1.35 billion
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
On 9 November 2015, Canadian Natural Resources Limited (CNRL) and PrairieSky Royalty Limited announced an agreement whereby PrairieSky would acquire 5.4 million acres of CNRL's royalty lands. In return, CNRL would receive consideration of Cdn$1.8 billion (US$1.4 billion), consisting of Cdn$680 million cash and Cdn $1.2 billion in PrairieSky stock which equates to 44.4 million shares at a deemed price of Cdn $25.20/share. After a wave of royalty land spin-offs since 2014, PrairieSky has emerged as the largest non-crown royalty acreage owner in Western Canada.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
-
Strategic rationale
- Canadian Natural Resources
- PrairieSky Royalty
Tables and charts
This report includes the following images and tables:
- Upstream assets: Table 1
- CNRL net-debt outlook under various scenarios
What's included
This report contains:
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