Transaction|February 25, 2013
CNOOC Limited completes acquisition of Nexen Inc.
Torys acted as Canadian counsel to the lenders in connection with China National Offshore Oil Company Limited's (CNOOC) acquisition of Nexen Inc. (Nexen) with a team that included Adam Delean, Amanda Balasubramanian, Kevin Fougere and Nadine Rockman Katz (lending), Mike Amm (securities), Corrado Cardarelli and Andrew Wong (tax).
CNOOC's acquisition of Nexen was completed on February 25, 2013. Total consideration of approximately US$15.1 billion has been paid for Nexen's common and preferred shares.
Acquisition financing for the transaction was provided by a syndicate of lenders, led by China Development Bank.
Nexen will operate as a wholly-owned subsidiary of CNOOC.
Nexen Inc. is an upstream oil and gas company that explores for, develops, and produces crude oil and natural gas from conventional sources, oil sands and shale gas, in the UK North Sea, offshore West Africa, the United States and Western Canada.
The CNOOC Group is China's largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world.
Further information can be found on Nexen's website.
Acquisition financing for the transaction was provided by a syndicate of lenders, led by China Development Bank.
Nexen will operate as a wholly-owned subsidiary of CNOOC.
Nexen Inc. is an upstream oil and gas company that explores for, develops, and produces crude oil and natural gas from conventional sources, oil sands and shale gas, in the UK North Sea, offshore West Africa, the United States and Western Canada.
The CNOOC Group is China's largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world.
Further information can be found on Nexen's website.