Shell to buy Canada’s Arc Resources

(CNN)– British oil giant Shell is set to buy Canadian energy company Arc Resources in a deal valued at $16 billion.

Headquartered in Calgary, Arc Resources is an oil and natural gas producer focused on the Montney region in Alberta and northeast British Columbia.

Arc’s CEO says the acquisition will help the company realize its full potential.

Shell’s CEO said the move will help secure energy resources in the region for decades to come.

The deal is expected to close before the end of the year.