"With the completion of the arrangement, the common shares, the 2014 Debentures and the 2016 Debentures are expected to be delisted from the Toronto Stock Exchange on or about Dec. 17, 2012," the company stated.
This week, the Canadian government approved of a similar deal between energy company Nexen and the China National Offshore Oil Corp. That deal needs approval from other governments, however, because of Nexen's foreign holdings.
Progress Chief Executive Officer and President Michael Culbert said the acquisition would help pave the way to a liquefied natural gas business in Canada.
"Canada has great potential in the global LNG market -- a growing market that's already worth more than $300 billion per year," he said in a statement.
Culbert said first gas from a LNG project in the Pacific Northwest was expected by 2018.
Shareholders approved the deal in August.