New York, .- The oil company Chevron reached a definitive agreement to acquire rival Anadarko Petroleum, for 33,000 million dollars, announced the buyer company Friday.
Chevron will pay $ 65 per share, a sum that will be paid in both cash and securities of the company itself, a premium of 39% over its closing price on Thursday.
Specifically, 75% of the purchase price will be paid in shares and the remaining 25% in cash.
Anadarko shareholders will receive 0.3869 Chevron shares and $ 16.25 for each of their titles.
To undertake the operation, Chevron will issue 200 million shares and pay about 8,000 million dollars in cash.
In addition, Chevron will assume a net debt of 15,000 million dollars.
The business value of the transaction, which includes the assumed debt, amounts to 50,000 million dollars.
With this operation, Chevron will strengthen its position in the exploration and production activity, especially in unconventional deposits and located in deep waters.
Anadarko shares rose 31% in pre-market operations, while Chevron shares fell 2.7%.
Analysts remember that drilling has become increasingly important for energy companies, since they see fracking as the next growth area.
Major oil companies such as Chevron and Exxon Mobil are leading the way, increasing daily oil and gas production targets and taking advantage of new reservoirs through acquisitions.
Chevron said it would shed between 15,000 and 20,000 million dollars in assets between 2020 and 2022 after the transaction closes. It will use the proceeds of the sale to reduce its debt burden and return the cash to the shareholders.
In the company’s note, Chevron’s president and CEO, Michael Wirth, said that “this transaction increases Chevron’s strength.”
“The combination of Anadarko’s premium assets with our portfolio strengthens our leadership position in Permian (Southern US oil basin), creates attractive growth opportunities in areas that respond to Chevron’s operational strengths and underscores our commitment with the investments of short cycle and greater yield “, added. (EFEUSA)