Cenovus Energy has agreed to acquire MEG Energy in a $7.9bn deal, including existing debt. The acquisition will result in over 720,000 barrels per day of combined oil sands production and is expected to generate significant synergies. Cenovus will fund the cash component of the transaction with fully committed financing and anticipates closing the deal in the fourth quarter, pending regulatory and shareholder approvals. The boards of both companies have unanimously approved the transaction, which will enhance Cenovus’ position in the oil sands market. The company aims to preserve its balance sheet and credit ratings through the acquisition.

Read more at Yahoo Finance: Cenovus to acquire MEG Energy in $7.9bn deal