Deal Watch: Five Firms Help ConocoPhillips Escape Oil Sands
One of the world's largest independent oil exploration and production companies is bidding adieu to Canada's massive oil sands. Three leading Canadian firms and a pair of Am Law 100 shops have grabbed lead roles on a $13.3 billion deal by Houston-based ConocoPhillips' to unload the bulk of its assets up north.
April 03, 2017 at 01:50 PM
6 minute read
One of the world's largest independent oil exploration and production companies is bidding adieu to most of its assets in Canada.
Cenovus Energy Inc. announced on March 29 that it had agreed to buy the bulk of Houston-based ConocoPhillips' oil sands holdings up north in a $13.3 billion deal. The landmark transaction, expected to close in the second quarter of this year, has yielded roles for a pair of Am Law 100 firms and three leading Canadian shops.
Paul, Weiss, Rifkind, Wharton & Garrison corporate partner Andrew Foley, who opened the firm's Toronto office in 2011 after relocating from New York, is advising Cenovus on the deal, along with Canadian firms Blake, Cassels & Graydon and Bennett Jones. The latter advised Cenovus on the $2.7 billion sale of its oil and gas royalty business to the Ontario Teachers' Pension Plan in mid-2015, while Bennett Jones and Paul Weiss have previously handled note and debt offerings for the company.
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