Ovintiv has paused its share buyback program for two quarters to help fund a portion of the deal.

Ovintiv OVV-T said on Tuesday it would buy the rest of NuVista Energy NVA-T in a cash-and-stock deal valued at US$2.7-billion, including debt, strengthening the shale producer’s presence in Canada’s Montney basin.

Last year, the North American company had acquired oil assets from Canadian firm Paramount Resources in the Montney shale for US$2.38-billion in cash.

“This acquisition, combined with the inventory additions from our bolt-on acquisition work in the Permian is putting our investors into top tier resource at very attractive full-cycle returns,” said CEO Brendan McCracken.

The company also said it planned to launch a divestiture process for its Anadarko asset, which it expects t

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