, WPX
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| Date: | --/--/-- --:--:-- |
| Event Id: | 4B1C1CL3 |
| Action Type: | MERGER |
| Action Status: | ANNOUNCED |
| Acquirer Symbol: | |
| Target Symbol: | WPX |
| Updated: | --/--/-- --:--:-- |
| Purchase Price Per Share: | |
| Price Per Share Currency: | |
| News References: | https://www.globenewswire.com/news-release/2020/09/28/2099772/0/en/Devon-Energy-and-WPX-Energy-to-Combine-in-Merger-of-Equals-Creating-a-Leading-Energy-Company-Focused-on-Generating-Free-Cash-Flow-and-Return-of-Capital-to-Shareholders.html |
Action Notes
Devon Energy and WPX Energy today announced they have entered into an agreement to combine in an all-stock merger of equals transaction. Under the terms of the agreement, WPX shareholders will receive a fixed exchange ratio of 0.5165 shares of Devon common stock for each share of WPX common stock owned. The exchange ratio, together with closing prices for Devon and WPX on Sept. 25, 2020, results in an enterprise value for the combined entity of approximately $12 billion. Upon completion of the transaction, Devon shareholders will own approximately 57 percent of the combined company and WPX shareholders will own approximately 43 percent of the combined company on a fully diluted basis. The transaction, which is expected to close in the first quarter of 2021, has been unanimously approved by the boards of directors of both companies.
