The deal won Ottawa's approval on Friday after having initially been rejected as not being of "net benefit" to Canada.
Progress' shares and debentures are expected to be delisted from the Toronto Stock Exchange on Monday.
Petronas plans to build a liquefied natural gas export terminal near Prince Rupert, B.C., which will now be 60 per cent larger than would have been the case had the deal not gone through.
The Petronas Progress deal was approved on the same day Ottawa gave the green light to the $15.1-billion takeover of Nexen Inc. (TSX:NXY) by China's CNOOC Ltd.
That larger and more controversial transaction still has more hoops to jump through before it closes, including U.S. regulatory approval, as Nexen has operations in the Gulf of Mexico.