Strathcona to buy Greenfire in deal worth up to C$2.9B

Strathcona Resources Ltd. said on Sunday it will acquire Greenfire Resources Ltd. (NYSE:GFR) in a cash-and-share deal valued at about C$2.7 billion to C$2.9 billion including debt, expanding its presence in Alberta’s oil sands. Greenfire shareholders can choose C$11 in cash or 0.25 Strathcona shares for each Greenfire share, the company said.

The cash option is a premium of nearly 39 per cent to Greenfire’s Nov. 6 closing price, and the share option implies a premium of nearly 15 per cent, according to Reuters, as published by the BOE Report. Depending on elections by shareholders other than Waterous Energy Fund, Strathcona expects to issue about 43 million to 60 million shares and pay up to C$740 million in cash.

Including Greenfire’s net debt of about C$550 million as of Sept. 30, the deal values the company at up to C$2.9 billion. Waterous Energy Fund, which owns about 72 per cent of Greenfire and 57 per cent of Strathcona, has agreed to support the transaction and will take Strathcona shares for its Greenfire holdings.

Closing is expected in early 2027, subject to shareholder and regulatory approvals. Seeking Alpha reported that Strathcona expects about C$75 million in annual run-rate synergies. We have not independently reviewed that figure in the companies’ releases.

The deal lands in a busy week for Canadian energy. Trading Economics said oil prices fell on Monday on hopes for U.S.-Iran diplomacy. Our report on Imperial Oil’s record third-quarter profit and our Friday market close story have recent context.

Figures are from Reuters as published by the BOE Report on Nov. 9, 2026, and from reports by Seeking Alpha and Benzinga. All figures are in Canadian dollars. We have not reviewed the companies’ full releases.

If you find reporting like this useful, consider supporting Canada News Media, an independent Canadian newsroom with no corporate parent.

This article is for information only and is not investment advice. Speak to a licensed adviser before making investment decisions.