Dennis Fong

Greg Pardy

Manav Gupta

Menno Hulshof

Neil Mehta

Patrick O'Rourke

John Royall

Chris Varcoe

Emma Graney

Alex Bill

Harry Mateer

Robert Tuttle

- Cenovus Energy Inc. entered a definitive agreement on **August 21, 2025**, to **acquire MEG Energy Corp.** for **$7.9 billion**, inclusive of assumed debt.  **[1475260_0001475260-25-000031_materialchangereport.htm:0]** 
- The consideration for each MEG Share is **$27.25**, payable **75% in cash** and **25% in Cenovus common shares**, with MEG shareholders having election options subject to pro-ration.  **[1475260_0001475260-25-000031_materialchangereport.htm:0]** 
- Cenovus has secured **fully committed financing** for the cash component, including a **$2.7 billion term loan facility** and a **$2.5 billion bridge facility**.  **[1475260_0001475260-25-000031_materialchangereport.htm:0]** 
- The transaction is anticipated to close in the **fourth quarter of 2025**, contingent on regulatory and MEG Shareholder approvals.  **[1475260_0001475260-25-000031_materialchangereport.htm:0]**

Cenovus Energy Inc. to Acquire MEG Energy Corp.

CENOVUS ENERGY (CVE)