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).