Shell Secures $22 Billion Deal to Acquire ARC Resources

Shareholders of ARC Resources approved the company's acquisition by Shell with 99.54% of votes in favor at a special meeting on July 14. The transaction, valued at roughly $22 billion including net debt, will be executed as a plan of arrangement, exchanging each ARC share for 0.40247 Shell shares and $8.20 cash, amounting to about $32.80 per ARC share – a 27% premium.

Regulatory clearances have been obtained from Canada’s Competition Act, the Canada Transportation Act, and the U.S. Hart‑Scott‑Rodino Act, with the Investment Canada Act approval still pending. A court hearing before the Court of King’s Bench of Alberta is scheduled, and the deal is expected to close in the second half of 2026, after which ARC shares will be delisted from the Toronto Stock Exchange. The acquisition will add roughly 370,000 barrels of oil‑equivalent per day of Montney gas assets to Shell’s North‑American portfolio, strengthening its integrated gas business.

ARC will continue its quarterly dividend of $0.21 per share until the transaction closes, after which former ARC shareholders who retain Shell stock will become eligible for Shell’s quarterly dividend of US$0.372 per share.