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The time has come for Canadian index investors to say goodbye to Encana Corp., a stalwart of the nation’s energy sector with roots going back to the late 1800s.

On Friday, shares of the oil and gas company will be removed from the S&P/TSX Composite and S&P/TSX 60 indexes after it won investor approval to relocate to the U.S. and rebrand under the name Ovintiv. While Encana will leave a hole on the key stock gauge, Brookfield Property Partners LP will replace it on the large-cap index, according to a statement from S&P Dow Jones Indices.

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“This could possibly be the largest index event for the Canadian market,” Bryan Chuah, an analyst at Canadian Imperial Bank of Commerce, said in a report. About 195 million Encana shares will need to be sold by Canadian indexers — valued at about $1.1. billion, he said, as its new U.S. domicile makes it ineligible for inclusion up north. Encana has about 1.3 billion shares outstanding, according to data compiled by Bloomberg.