Ovintiv to Acquire NuVista Energy in $2.7 Billion Deal

Paul, Weiss is advising leading North American energy exploration and production company Ovintiv Inc. on its acquisition of all outstanding shares of Canada-based NuVista Energy Ltd. The cash-and-stock transaction values NuVista at about $2.7 billion and is expected to close by the end of the first quarter of 2026, subject to customary closing conditions.

Under the agreement, Ovintiv will acquire all NuVista shares that it doesn’t already own for C$18 per share, with total consideration comprised of 50% cash and 50% Ovintiv common stock. The acquisition is expected to add about 930 oil well locations and 140,000 mostly undeveloped acres in the core of the oil-rich Montney Formation in Alberta.

The Paul, Weiss team is led by corporate partners Laura Turano and Cristina Amodeo, and includes executive compensation partners Christopher Gonnella and Matthew Friestedt; intellectual property partner Claudine Meredith-Goujon; antitrust partner Marta Kelly and counsel John Magruder; and tax partner Brian Krause.