TotalEnergies agreed to sell its Canadian oil sands assets to Suncor Energy for $4.55 billion, the company announced Thursday.
Following the announcement, the Paris-based company stated that it accepted Suncor Energy's acquisition offer, which became available over the last month, in order to spin off its Canadian assets.
As per the signed agreement, Suncor will acquire the entirety of the shares of TotalEnergies EP Canada Ltd. with a cash payment of $4.1 billion and additional payments that could reach a maximum of $450 million under specific conditions.
Both sides target closing the transaction by the end of the third quarter of this year.
TotalEnergies also said in the statement that it will distribute at least 40% of this year’s cash flow to its shareholders.
(Anadolu Agency, April 27, 2023)
