Shell acquires ARC Resources in USD13.6b deal
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The news: Oil major Sheel has agreed to buy Canadian energy company ARC Resources in a USD13.6 billion transaction ($18.92 billion) in efforts to strengthen its oil and gas reserves.
The numbers: In a press release published Monday, Shell said ARC’s shareholders will receive CAD8.20 in cash and 0.40247 ordinary shares of Shell for each ARC share, representing approximately 25% cash and 75% shares as of market close on 24 April 2026.
Based on Shell’s closing share price 24 April of GBP33.08, this represents a roughly 20% premium to ARC’s 30-day volume-weighted average price, equating to a USD13.6 billion equity value.
Shell said it will take on USD2.8 billion of net debt and leases resulting in an enterprise value of USD16.4 billion. It added that the transaction is expected to bring annualised synergies of around $250 million within a year of closing.
The context: ARC is a high-quality, low-cost, low carbon-intensity producer with operations in the Montney shale basin that complements Shell’s existing footprint in Canada, Shell CEO Wael Sawan said in the statement.
“This establishes Canada as a heartland for Shell while furthering our strategy to deliver more value with less emissions”, Sawan continued.
The boards of both companies have unanimously supported the transaction, which is expected to close in H2 2026, subject to shareholder and regulatory approvals.
Goldman Sachs is advising Shell while RBC Capital Markets is acting as adviser to ARC.
The source: Shell press release
