British supermajor Shell has completed a US$16.5bn acquisition of Canadian energy company ARC Resources.
The deal has been months in the making, with a deal initially being agreed in late April before being amended in both June and August.
ARC's shares were delisted from the Toronto Stock Exchange following the deal's completion on 2 September, with previous shareholders receiving Shell shares.
Frits Klap, who was most recently Shell Canada's SVP of Chemicals & Products, has been appointed as ARC's new CEO, taking over from Terry Anderson who had led the Canadian firm since 2020.
Shell's own disclosure puts the equity value of the transaction at approximately US$13.9bn, though the deal sees the London-based company assume around US$2.5bn of assumed debts and leases, bringing the deal's full value to roughly US$16.5bn.
