CALGARY — British energy giant Shell has bought Canadian oil and gas company ARC Resources for a deal reported to be worth approximately $22 billion.The deal is still subject to regulatory approval, but the sale marks a significant investment for Shell in the Western Canadian energy sector.ARC Resources is an oil and gas company headquartered in Calgary and mainly focused on Northeast British Columbia and Northwest Alberta, in the Montney oil and gas region.The financial stipulations of the deal offer ARC shareholders 0.40 shares in Shell and $8.20 in cash for each ARC share, a premium of about 27 percent."Over our 30-year history, we have built a strong and resilient Canadian energy company defined by the depth of our world-class Montney assets, low-cost operations, leadership in responsible development, and high-performance people and culture," said ARC president and CEO Terry Anderson."Through this transaction, we will realize this tremendous value and become part of a dynamic global energy leader capable of realizing the full potential of our business and delivering on Canada's exciting energy future," Anderson continued..This deal will give ARC access to Shell's globe-spanning energy infrastructure, while Shell, the world's second-largest investor in oil and gas, will be happy to grow their stake in the Canadian energy industry."ARC is a high-quality, low-cost and top-quartile low carbon intensity producer that complements our existing footprint in Canada and strengthens our resource base for decades to come," said the Lebanese-Canadian CEO of Shell, Wael Sawan.The deal was unanimously approved by the boards of both companies but still needs regulatory approval before the sale can be confirmed. The deal is expected to close in the second half of the year.
