One-Page Deal Sheet
Contango to Merge with PE-Backed Independence Energy in All-Stock Deal
Independence Energy Corp. Contango Oil & Gas Co.
Announced Date
June 09,2021
Close Date
December 07,2021
Transaction Type
Corporate
Enterprise Value (EV)($MM)
5500
Asset/Basin:
["Eagle Ford", "Permian", "Rockies", "Mid-Continent (STACK)"]
TargetZones:
[]
Net Acres
% Oil:
Proved Reserves
Location
Region
Permian,Mid-Continent - Anadarko Basin,Rockies
Country
United States
State
New Mexico
Play
Production & Reserves Production
Production Mix
Reserves
Transaction Details: Require Private Equity Subscription
Independence Energy LLC and Contango Oil & Gas Co. have entered into a definitive agreement to combine in an all-stock transaction worth $5.5 billion (including debt).
This deal closed on December 7, 2021.
Independence Energy is backed by private equity firm KKR.
Contango will become a subsidiary of Independence as a result of the merger. The combined company will operate under the name Crescent Energy Co. David Rockecharlie, who managed Independence as the head of KKR Energy Real Assets, will take the helm as CEO.
Based on Contango’s closing stock price of $5.62 on June 7, 2021, the combined…
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