Canadian Natural Resources Limited (“CNRL”), has agreed to sell a substantial portion of its royalty assets to PrairieSky Royalty Ltd. (“PSK”) in a stock and cash deal valued at $1.8 billion.
Under the terms of the agreement, CNRL will collect from PSK $680 million in cash plus approximately 44.4 million PSK shares at an ascribed price of $25.20 each.
Once the deal is completed, the combined asset base will create the largest independent royalty position in Canada.
Osler is representing CNRL with a team led by Rob Desbarats and Janice Buckingham (Energy), Frank Turner and Kelsey Armstrong (Securities) and Edward Rowe and Ted Thiesen (Tax).
Team
Kelsey Armstrong
Partner, Corporate, Calgary
Frank Turner
Partner, Corporate, Calgary
Edward Rowe
Partner, Tax, Calgary
