ExxonMobil: agreement to acquire Pioneer Natural
(CercleFinance.com) - ExxonMobil today announced that it has agreed to acquire Pioneer Natural Resources in an all-stock transaction valued at $59.
5bn, or $253 per Pioneer share, based on ExxonMobil's share's closing price on 5 October. NB: pmt -2.5%.
Under the terms of the agreement, Pioneer shareholders will receive 2.3234 ExxonMobil shares for each Pioneer share. The transaction's total implicit enterprise value, including net debt, is approximately $64.5bn.
The energy giant says the deal will transform its upstream portfolio, more than doubling its presence in the Permian and creating a high-quality, high-return position in undeveloped unconventional stocks in the US.
The transaction, unanimously approved by both boards, remains subject to customary regulatory reviews and approvals, as well as the go-ahead from the acquired company's shareholders. It is expected to close in H1 2024.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
5bn, or $253 per Pioneer share, based on ExxonMobil's share's closing price on 5 October. NB: pmt -2.5%.
Under the terms of the agreement, Pioneer shareholders will receive 2.3234 ExxonMobil shares for each Pioneer share. The transaction's total implicit enterprise value, including net debt, is approximately $64.5bn.
The energy giant says the deal will transform its upstream portfolio, more than doubling its presence in the Permian and creating a high-quality, high-return position in undeveloped unconventional stocks in the US.
The transaction, unanimously approved by both boards, remains subject to customary regulatory reviews and approvals, as well as the go-ahead from the acquired company's shareholders. It is expected to close in H1 2024.
Copyright (c) 2023 CercleFinance.com. All rights reserved.