Brief: Chesapeake Energy Corporation And Southwestern Energy To Combine

Southwestern Energy Co

11/01/2024 11:10

Jan 11 (Reuters) - Chesapeake Energy Corp  CHK.O :
    * CHESAPEAKE ENERGY CORPORATION AND SOUTHWESTERN ENERGY TO
COMBINE
TO ACCELERATE AMERICA'S ENERGY REACH
    * CHESAPEAKE ENERGY CORP - PROPOSED DEAL FOR $7.4 BILLION
    * CHESAPEAKE ENERGY CORP - AGREEMENT TO MERGE IN AN
ALL-STOCK
TRANSACTION VALUED AT $7.4 BILLION, OR $6.69 PER SHARE
    * CHESAPEAKE ENERGY CORP - FOLLOWING MERGER, BOARD OF
DIRECTORS OF
COMBINED COMPANY WILL INCREASE TO 11 MEMBERS
    * CHESAPEAKE ENERGY CORP: PROPOSED DEAL IMMEDIATELY
ACCRETIVE TO
ALL KEY PER SHARE FINANCIAL METRICS
    * CHESAPEAKE ENERGY CORP - COMBINED COMPANY WOULD HAVE AN
ENTERPRISE VALUE OF APPROXIMATELY $24 BILLION
    * CHESAPEAKE ENERGY CORP: SOUTHWESTERN SHAREHOLDERS WILL
RECEIVE
0.0867 SHARES OF CHESAPEAKE COMMON STOCK FOR EACH SHARE OF
SOUTHWESTERN COMMON STOCK
    * CHESAPEAKE ENERGY - MIKE WICHTERICH WILL SERVE AS
NON-EXECUTIVE
CHAIRMAN, NICK DELL'OSSO AS PRESIDENT AND CHIEF EXECUTIVE
OFFICER OF COMBINED COMPANY
    * CHESAPEAKE ENERGY: PRO FORMA FOR DEAL, CO SHAREHOLDERS TO
OWN
60% & SOUTHWESTERN SHAREHOLDERS TO OWN ABOUT 40% OF COMBINED CO,
ON FULLY DILUTED BASIS
    * CHESAPEAKE ENERGY CORP -  TRANSACTION TARGETED TO CLOSE IN
Q2 OF
2024
    * CHESAPEAKE ENERGY: COMBINED COM TO BE HEADQUARTERED IN
OKLAHOMA
CITY WHILE MAINTAINING MATERIAL PRESENCE IN HOUSTON, WILL ASSUME
NEW NAME UPON CLOSING
    * CHESAPEAKE ENERGY CORP - COMBINED COMPANY EXPECTS AN
APPROXIMATE
20% IMPROVEMENT IN DIVIDENDS PER SHARE OVER FIVE YEARS
    * CHESAPEAKE ENERGY CORP - ANNUAL OPERATIONAL AND OVERHEAD
SYNERGIES OF APPROXIMATELY $400 MILLION FROM DEAL

Source text for Eikon:  ID:nPn48jBYa 
Further company coverage:  CHK.O 

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