Latham & Watkins Advises MEG Energy in Acquisition by Cenovus

MEG Energy Corp. (TSX: MEG) (MEG) has announced that it has entered into an arrangement agreement with Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) (Cenovus) under which Cenovus will acquire all issued and outstanding common shares of MEG in a transaction that values MEG at US$27.25 per MEG Share. The proposed transaction, to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta), represents a MEG enterprise value of US$7.9 billion, inclusive of assumption of MEG's debt, and is expected to close early in the fourth quarter of 2025, subject to customary approvals.

Latham & Watkins is US counsel to MEG Energy in the transaction with a corporate deal team led by Austin/Houston partner David Miller and Houston partner John Greer, with associate Rachel Collier. Advice was also provided on tax matters by Houston partner Bryant Lee, with associate Dominik Constantino; on benefits matters by Houston counsel Krisa Benskin; on antitrust matters by Washington, D.C. partners Jason Cruise and Peter Todaro, with associates Bernie Archbold and Linda Wang, and senior merger control attorney Matthew Piehl; and on FCPA matters by Washington, D.C. partner Joseph Bargnesi.