Suncor said Thursday it has closed its purchase of a five per cent interest in Syncrude from the Murphy Oil Corporation’s Canadian subsidiary.
The deal was announced earlier this year and will mean that Suncor now has a 53.74 per cent share in the Syncrude joint venture.
“The closing of this transaction further reinforces Suncor’s commitment to profitable growth and creating value for shareholders through strategic acquisitions,” said Steve Williams, president and chief executive officer. “Despite speculative reports, there has been no change to Suncor’s strategy. We continue to focus on capital discipline as we evaluate value-added opportunities that are a good fit with our existing core business.”
The $937 million sale price is subject to closing adjustments typical of transactions of this nature and is based on an effective date of April 1, 2016.
All necessary regulatory approvals were received.
The acquisition will be funded from the proceeds of the previously announced $2.9 billion common share financing which closed on June 22, 2016.
