ARC Resources Ltd. turned to Kelsey C. Clark, Bronwyn Inkster and Grant A. Zawalsky of Burnet, Duckworth & Palmer LLP for counsel on an agreement to sell to Shell plc (SHEL) for C$22 billion ($16.1 billion) in cash and stock announced on Monday, April 27.

Darrel Law and Corey Fraiberg of RBC Capital Markets gave financial advice to ARC, a Calgary, Alberta-based energy company focused on the Montney shale basin in British Columbia and Alberta, where manager of legal Kyle Banbury is on the sale. ARC also tapped Graham Watson and Samira Afrasiabi of Freshfields LLP, which is U.K. counsel and U.S. corporate, securities and tax counsel to the target, and David E. Jetter and Natasha S. Khan of Baker Botts LLP, which is U.S. regulatory counsel to the target.

Burnet, Duckworth and RBC worked with ARC last year on its purchase of the Kakwa asset of Strathcona Resources Ltd. for about $1.7 billion and in 2021 on its $2.15 billion merger with Seven Generations Energy Ltd.

Shell turned to Neal Ross and Kelsey Armstrong of Osler, Hoskin & Harcourt LLP for counsel. The London-based energy company used Suhail A. Sikhtian, Patrick McDonald, Michael Klym and Gianmarco Rossi at Goldman, Sachs & Co. for financial advice.

Shell is paying C$32.80 per share, 75% in stock and 25% in cash, a 27% premium to the target’s Friday closing price on the Toronto Stock Exchange. The companies plan to close the transaction in the second half of the year, pending approvals from regulators and two-thirds of ARC stockholders.

Editor’s note: The original version of this article was published April 27, 2026, on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a demo.