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Chevron to Buy Noble Energy in $5 Billion All-Stock Deal

  • Chevron (NYSE:CVX) has agreed to buy Noble Energy (NASDAQ:NBL) in a $5 billion all-stock transaction valuing the latter at $10.38 per share, or 0.1191 share of CVX stock, the oil major said in a release.
  • Including debt, the transaction values Noble at $13 billion. The takeover price is a 7.5% premium to Noble’s closing stock price on Friday.
  • If approved, the deal would expand Chevron’s presence in Colorado’s DJ basin and the Permian basin, and give it assets in the eastern Mediterranean and West Africa.
  • Chevron is targeting potential annual cost savings of $300 million with the acquisition. The deal is expected to be accretive to free cash flow, earnings, and book returns one year after close, according to the announcement.

Article printed from InvestorPlace Media, https://investorplace.com/2020/07/chevron-to-buy-noble-energy-in-5-billion-all-cvx-stock-deal/.

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