Ovintiv to Buy Canada’s NuVista Energy for $2.7 Billion

Ovintiv Inc. agreed to buy NuVista Energy Ltd in a deal valued at about $2.7 billion that expands the shale explorer’s operations in Canada.

The cash-and-stock acquisition for Calgary-based NuVista will give Ovintiv about 930 well locations and 140,000 net acres in the core of Alberta’s oil-rich Montney basin, according to a statement Tuesday. The deal is expected to generate about $100 million in annual cost savings.