(CercleFinance.com) – Chevron announces that it has entered into a definitive agreement to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share.
Under the terms of the agreement, Hess shareholders will receive 1.0250 Chevron shares for each Hess share. The total enterprise value, including debt, of the transaction is $60 billion.
“This combination allows Chevron to strengthen its long-term performance and enhance its advantageous portfolio by adding world-class assets,” comments Mike Wirth, CEO of the energy company.
The transaction was unanimously approved by the boards of directors and is expected to be completed in the first half of 2024, subject to Hess shareholder approval, regulatory approvals and other customary conditions.
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