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Chesapeake Energy to buy WildHorse in $3.977-bn cash and stock deal

Share Source By

Dion Global

31 Oct 2018

Chesapeake Energy Corporation and WildHorse Resource Development Corporation jointly announced that Chesapeake has entered into a definitive agreement to acquire WildHorse, an oil and gas company with operations in the Eagle Ford Shale and Austin Chalk formations in southeast Texas, in a transaction valued at approximately USD 3.977 billion, based on yesterday’s closing price, including the value of WildHorse’s net debt of USD 930 million as of June 30, 2018. At the election of each WildHorse common shareholder, the consideration will consist of either 5.989 shares of Chesapeake common stock or a combination of 5.336 shares of Chesapeake common stock and USD 3 in cash, in exchange for each share of WildHorse common stock.

The transaction was unanimously approved by the Board of Directors of each company.

The acquisition of WildHorse expands Chesapeake’s oil growth platform and accelerates progress toward its strategic and financial goals of enhancing margins, achieving sustainable free cash flow generation, and reducing net debt to EBITDA ratio.