ARC Resources Ltd. said its shareholders have overwhelmingly approved the company’s previously announced acquisition by Shell, marking another key milestone for the proposed transaction.

At a special meeting held on Tuesday, approximately 99.54% of votes cast supported the arrangement, which will see Shell acquire the Canadian Montney-focused producer. The vote clears a major shareholder hurdle as the companies continue working toward closing the deal.

The transaction has already secured several important regulatory approvals, including clearance under Canada’s Competition Act, the Canada Transportation Act, and the U.S. Hart-Scott-Rodino Antitrust Improvements Act. In addition, the Alberta Securities Commission granted Shell exemptive relief related to its share buyback programs in the UK and the Netherlands, satisfying another closing condition.

The next major step is a hearing before the Court of King’s Bench of Alberta, scheduled for July 15, to seek approval of the arrangement.

Subject to court approval, remaining regulatory clearances, and customary closing conditions, ARC expects the acquisition to be completed in the second half of 2026. Following completion, ARC’s shares are expected to be delisted from the Toronto Stock Exchange.

The deal represents a significant expansion of Shell’s Canadian upstream portfolio, strengthening its position in the prolific Montney formation, one of North America’s most productive natural gas and liquids-rich resource plays. The acquisition aligns with Shell’s strategy of reinforcing its integrated gas business while adding long-life, low-cost production assets in Canada.