---
title: "Strathcona to Buy Greenfire in Up to C$2.9 Billion Oil Sands Deal"
url: https://www.hereknoxville.com/2026/11/09/strathcona-buy-greenfire-2-9-billion-oil-sands/
date: 2026-11-09T06:13:50-05:00
modified: 2026-11-09T06:13:50-05:00
author: "Merger Monday"
categories: ["Business", "National"]
site: "HEREKnoxville"
attribution: "HEREKnoxville"
---

# Strathcona to Buy Greenfire in Up to C$2.9 Billion Oil Sands Deal

*Source: [HEREKnoxville](https://www.hereknoxville.com/2026/11/09/strathcona-buy-greenfire-2-9-billion-oil-sands/) — November 9, 2026 by Merger Monday*

Strathcona Resources Ltd. agreed on Sunday to buy Greenfire Resources Ltd. in a deal valued at about C$2.7 billion to C$2.9 billion including debt, combining two Alberta heavy oil and oil sands producers that share the same controlling investor.

Greenfire shareholders can choose 0.25 Strathcona share for each Greenfire share, worth C$9.09 at Nov. 6 prices and a 15% premium, or C$11 in cash, a 39% premium. Neither option will be prorated. Strathcona expects to issue roughly 43 million to 60 million shares and pay up to about C$740 million in cash, depending on elections, and plans to fund the cash from its reserves-based credit line. The value includes about C$550 million of Greenfire net debt. In U.S. dollars, the deal is worth about $1.9 billion to $2.1 billion.

## One owner on both sides

Calgary-based Waterous Energy Fund owns 72% of Greenfire and 57% of Strathcona. It has agreed to vote for the deal and to take shares for its Greenfire stake, which would lift its ownership of the combined company to between 60% and 64%. Because the fund sits on both sides, each company formed a special committee of directors independent of it, obtained formal valuations and will need approval from a majority of minority holders in addition to a two-thirds vote. Shareholder meetings are expected in January 2027, with closing shortly after, subject to court, exchange and Competition Act approvals.

## Reserves and taxes

The combined company would produce about 153,000 barrels a day and hold more than 3 billion barrels of proved and probable reserves, which Strathcona says equals a 54-year reserve life. Strathcona expects about C$75 million of annual savings within a year, mainly from cheaper borrowing, procurement and removing a duplicate public company. Greenfire’s roughly C$2.8 billion of tax pools would push Strathcona’s cash-tax horizon to 2031 from 2027, saving about C$400 million over four years. Strathcona says the larger company should earn an investment-grade rating in the Canadian bond market within a year of closing. Greenfire would be delisted from Toronto and New York.