CALGARY, Alberta — Husky Energy in Lima will soon have a new name.
According to a news release, Cenovus Energy Inc. and Husky Energy Inc. will create a new integrated Canadian oil and natural gas company.
The companies have entered into a definitive arrangement agreement under which Cenovus and Husky will combine in an all-stock transaction valued at $23.6 billion, inclusive of debt.
The combined company will operate as Cenovus Energy Inc. and remain headquartered in Calgary, Alberta.
The transaction has been unanimously approved by the boards of directors of Cenovus and Husky and is expected to close in the first quarter of 2021.
Husky shareholders will receive 0.7845 of a Cenovus share plus 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share.
Husky Energy agreed to purchase the Lima Refinery in May of 2007 for $1.9 billion.