Shell has agreed to acquire all of the issued and outstanding common shares of ARC Resources in a cash and share transaction valued at approximately $22 billion. This includes assumed net debt.
The purchase price is set at $32.80 per share. This amount is payable 75% in Shell shares and 25% in cash. It represents a 27% premium to ARC’s closing price on April 24, 2026.
The transaction received unanimous approval from ARC’s Board of Directors. They recommend that shareholders vote for the deal at a special meeting expected in July 2026.
As of midday, the transaction is anticipated to close in the second half of 2026, pending regulatory approvals and shareholder votes. If successful, ARC shareholders will receive 0.40247 of a Shell Share and $8.20 in cash for each ARC Share.
This acquisition will add 370 kboe/d of production across liquids and gas. It aims for a 4% production CAGR through to 2030, enhancing Shell’s integrated gas business.
Wael Sawan, CEO of Shell, stated, “This establishes Canada as a heartland for Shell while furthering our strategy to deliver more value with less emissions.” The move strengthens Shell’s platform for growth in Canada.
Hal Kvisle, Chair of the ARC Board, emphasized the strategic nature of this transaction: “The ARC Board unanimously recommends this strategic transaction to our shareholders.” This sentiment reflects confidence in the proposed deal.
Terry Anderson, President and CEO of ARC Resources Ltd, expressed gratitude towards their team: “On behalf of our leadership team, I would like to thank our people for their dedication and commitment to excellence in all facets of our business.” The focus now shifts to shareholder reactions as the special meeting approaches.