NUVISTA AND OVINTIV ANNOUNCE RECEIPT OF INVESTMENT CANADA ACT APPROVAL

Rhea-AI Summary

Ovintiv (NYSE: OVV) and NuVista announced that the Government of Canada has approved Ovintiv’s proposed acquisition of NuVista under the Investment Canada Act.

The Transaction previously cleared the Competition Act, received a Final Order from the Court of King's Bench of Alberta, and was approved by NuVista shareholders on January 23, 2026. The parties expect to close on or about February 3, 2026, subject to customary closing conditions.

Positive

• Investment Canada Act approval received for the proposed acquisition
• Competition Act clearance already obtained prior to final approval
• Court Final Order granted by the Court of King's Bench of Alberta
• NuVista shareholders approved the Transaction on January 23, 2026

Negative

• Transaction remains subject to customary closing conditions, so closing is not guaranteed

News Market Reaction – OVV

+1.66%

1 alert

+1.66% News Effect

On the day this news was published, OVV gained 1.66%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Cash from operations: $812M Non-GAAP free cash flow: $351M Capital investment: $544M +5 more

8 metrics

Cash from operations $812M Q3 2025 results

Non-GAAP free cash flow $351M Q3 2025 results

Capital investment $544M Q3 2025 results

Average production 630 MBOE/d Q3 2025, including 212 Mbbls/d oil

Net debt reduction $126M to ~$5.187B Change in Q3 2025

Cash returned to shareholders $235M Q3 2025 via buybacks and dividends

NuVista cash pool cap C$1.57B Maximum aggregate cash consideration for NuVista acquisition elections

Ovintiv share pool 30.1M shares Maximum Ovintiv shares for NuVista transaction consideration

Market Reality Check

Price: $52.63 Vol: Volume 3,736,655 is in li...

normal vol

$52.63 Last Close

Volume Volume 3,736,655 is in line with 20-day average 3,800,344 ahead of the NuVista approval milestone. normal

Technical Shares at $42.76, trading above 200-day MA of $38.91 and 6.96% below the 52-week high $45.96.

Peers on Argus

OVV gained 3.41% while key peers (PR, AR, CTRA, DVN, TPL) showed smaller single‑...

OVV gained 3.41% while key peers (PR, AR, CTRA, DVN, TPL) showed smaller single‑day gains under 1.1%, and no peers appeared in the momentum scanner, indicating today’s move was more company‑specific around the NuVista transaction approval.

Historical Context

5 past events · Latest: Jan 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 23	Acquisition milestone	Positive	+0.8%	NuVista shareholders approved Ovintiv transaction and court granted Final Order.
Jan 20	Earnings call notice	Neutral	-0.3%	Scheduled Q4 2025 and year‑end results call and related webcast details.
Dec 15	LNG capacity deal	Positive	-5.0%	Signed 12‑year agreement for 0.5 mtpa Cedar LNG export capacity.
Dec 12	Board transition	Neutral	-2.7%	Announced retirement of board chair and appointment of successor effective May 2026.
Nov 04	Quarterly earnings	Positive	-0.7%	Reported strong Q3 2025 cash generation, higher production outlook, and debt reduction.

Pattern Detected

Recent news has produced modest and sometimes negative price moves, including divergences where seemingly positive strategic updates (LNG capacity agreement, strong Q3 results) coincided with next‑day declines, while NuVista transaction milestones have seen mild positive alignment.

Recent Company History

Over the last few months, Ovintiv has announced several milestones. On Nov 4, 2025, it reported strong Q3 financials with solid cash generation and debt reduction. In December 2025, it agreed to long‑term Cedar LNG capacity and disclosed upcoming board leadership changes. More recently, on Jan 23, 2026, NuVista shareholders approved the Ovintiv acquisition and secured a Final Order. Today’s Investment Canada Act approval advances the same NuVista transaction toward closing, continuing that strategic trajectory.

Market Pulse Summary

This announcement confirms Investment Canada Act approval for Ovintiv’s acquisition of NuVista, foll...

Analysis

This announcement confirms Investment Canada Act approval for Ovintiv’s acquisition of NuVista, following NuVista shareholder approval and a court Final Order on Jan 23, 2026. It moves the transaction closer to the expected early‑February closing, adding to a backdrop of solid Q3 2025 cash generation and debt reduction. Investors may watch for final closing, integration updates, and subsequent financial disclosures to assess how NuVista’s assets contribute to Ovintiv’s production, capital plans, and balance sheet trajectory.

Key Terms

investment canada act, competition act (canada), final order, forward-looking statements

4 terms

investment canada act regulatory

"approved the previously announced proposed acquisition of NuVista by Ovintiv... in accordance with the terms of the Investment Canada Act."

A Canadian law that reviews and can approve, modify or block foreign investments in Canadian businesses to protect national interests. Think of it as a gatekeeper that checks major deals for risks to jobs, security and strategic industries; for investors this affects whether a transaction will close, how long it takes, and whether conditions or changes will be required, so it directly influences deal certainty and valuation.

competition act (canada) regulatory

"The Transaction previously received clearance under the Competition Act (Canada) and the Court of King's Bench of Alberta..."

Canada’s Competition Act is the federal law that sets rules to keep business fair by policing misleading advertising, collusion, abuse of market power and mergers that could harm competition. For investors it matters because the law can block or force changes to major deals, limit how companies set prices or restrict rivals, and create legal risk that affects profits and share value — think of it as a referee ensuring firms play by fair-market rules.

final order regulatory

"the Court of King's Bench of Alberta has granted the Final Order in respect of the Transaction."

A final order is a definitive decision issued by a court or regulatory agency that resolves a particular case or enforcement matter and marks the end of that proceeding within the issuing body. For investors it matters because it removes regulatory uncertainty—like a referee blowing the final whistle—by confirming liabilities, penalties, required actions, or cleared obligations that can materially affect a company’s finances and future prospects.

forward-looking statements regulatory

"Certain statements contained in this news release may constitute forward-looking statements within the meaning of applicable Canadian securities laws..."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. Not financial advice.

CALGARY, AB, Jan. 28, 2026 /PRNewswire/ - NuVista Energy Ltd. (TSX: NVA) ("NuVista") and Ovintiv Inc. (NYSE: OVV) (TSX: OVV) ("Ovintiv") are pleased to announce that the Government of Canada has approved the previously announced proposed acquisition of NuVista by Ovintiv, through its wholly owned subsidiary Ovintiv Canada ULC (the "Transaction"), in accordance with the terms of the Investment Canada Act.

The Transaction previously received clearance under the Competition Act (Canada) and the Court of King's Bench of Alberta has granted the Final Order in respect of the Transaction. The Transaction was approved by NuVista shareholders on January 23, 2026 and is expected to close on or about February 3, 2026, subject to the satisfaction or waiver of other customary closing conditions.

FORWARD-LOOKING INFORMATION

Certain statements contained in this news release may constitute forward-looking statements within the meaning of applicable Canadian securities laws and applicable U.S. securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events or NuVista's or Ovintiv's future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words "estimate", "will", "would", "believe", "plan", "expected", "potential", and similar expressions are intended to identify forward-looking statements. Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this news release contains forward looking statements with respect to: the completion of the Transaction, including the satisfaction of the closing conditions and the anticipated closing date and other similar statements.

Forward-looking information contained in this news release is based on management's expectations and assumptions regarding, among other things: completion of the Transaction on the anticipated terms and timing, or at all, including the satisfaction of the conditions to closing the Transaction; the effect or outcome of litigation; the existence of any laws or material changes thereto that may adversely affect NuVista, Ovintiv or Ovintiv Canada ULC or impact the completion of the Transaction; potential adverse changes to business prospects and opportunities resulting from the announcement or completion of the Transaction; and general business, market and economic conditions. Although NuVista and Ovintiv believe that the assumptions used in such forward-looking statements and information are reasonable based on the information available as of the date such statements are made, there can be no assurance that such assumptions will be correct. Accordingly, readers are cautioned that the actual results achieved may vary from the forward-looking information provided herein and that the variations may be material. Readers are also cautioned that the foregoing list of assumptions, risks and factors is not exhaustive.

Further information regarding the assumptions and risks inherent in the making of forward-looking statements and in respect of the Arrangement will be found in the Circular, along with (i) NuVista's other public disclosure documents which are available through NuVista's website at www.nvaenergy.com. and through the SEDAR+ website at www.sedarplus.ca and (ii) Ovintiv's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and in Ovintiv's other filings made with the U.S. Securities and Exchange Commission or Canadian securities regulators.

The forward-looking information included in this news release is expressly qualified in its entirety by the foregoing cautionary statements. Unless otherwise stated, the forward-looking information included in this news release is made as of the date of this news release and NuVista and Ovintiv assume no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.

FOR FURTHER INFORMATION CONTACT:

NuVista Energy Ltd.

Mike J. Lawford
President and CEO
(403) 538-1936             

Ivan J. Condic
VP, Finance and CFO
(403) 538-1945

Ovintiv Inc.

Investor contact: (888) 525-0304 
investor.relations@ovintiv.com
Media contact: (403) 645-2252

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SOURCE Ovintiv Inc.

FAQ

What approval did Ovintiv (OVV) receive for its acquisition of NuVista on January 28, 2026?

Ovintiv received approval under the Investment Canada Act for the proposed acquisition. According to the company, the approval follows Competition Act clearance and a Court Final Order, clearing key regulatory steps toward closing.

When did NuVista shareholders approve the Ovintiv (OVV) transaction and what does that mean?

NuVista shareholders approved the transaction on January 23, 2026, signaling shareholder consent. According to the company, that vote completed a key corporate step ahead of anticipated closing once remaining conditions are satisfied.

What is the expected closing date for Ovintiv’s (OVV) acquisition of NuVista and is it final?

The parties expect to close on or about February 3, 2026, but the date is not final. According to the company, closing remains conditional on satisfaction or waiver of customary closing conditions.

Did the Ovintiv (OVV) deal with NuVista receive court approval in Canada?

Yes, the Court of King's Bench of Alberta granted a Final Order in respect of the Transaction. According to the company, the court order is one of multiple required approvals already obtained.

Are there any remaining regulatory or procedural hurdles for Ovintiv (OVV) to complete its NuVista acquisition?

No additional regulatory approvals were disclosed, but customary closing conditions remain. According to the company, completion depends on satisfying or waiving those standard transactional conditions before closing.