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Bond Market News
Shell Agrees to Acquire Canada’s ARC in a $16.4bn Deal
April 28, 2026
Shell Plc announced an agreement to acquire Canadian natural gas producer ARC Resources Ltd. in an all-stock transaction valued at $16.4bn. The deal marks Shell’s largest acquisition in nearly a decade and aims to significantly expand its footprint in the Montney Shale region of Western Canada. The acquisition is strategically designed to bolster Shell’s integrated gas business and boost output. It is expected to boost Shell’s output by 370,000 barrels of oil equivalent per day (boed). By absorbing ARC’s low-cost, low-carbon intensity production, Shell aims to secure a large, long-term supply of natural gas to feed its LNG Canada export terminal, which is nearing completion. Shell CEO Wael Sawan stated that the merger will be free cash flow accretive immediately. Under the terms, ARC shareholders will receive 0.52 Shell shares for each ARC share held, with a 22% premium being paid over the previous closing price. While the transaction is expected to close by end-2026, it remains subject to regulatory approvals in Canada and the US.
Shell’s dollar bonds were trading stable, with its 3.875% 2028s at 99.54, yielding 4.07%.
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