00:00 It's Benzinga and here's what's on the block.
00:02 Chesapeake Energy announced plans to acquire Southwestern Energy in an all-stock deal valued
00:07 at $7.4 billion. The transaction will see Chesapeake offer $6.69 per share of Southwestern
00:15 Energy stock, a 3% discount on the stock's previous closing price. The merger aims to
00:20 make Chesapeake the largest natural gas producer in the U.S. by output and market capitalization,
00:25 surpassing EQT Corporation. The deal extends consolidation in the U.S. energy sector,
00:32 following multi-billion dollar acquisitions by ExxonMobil and Chevron recently. Chesapeake is
00:37 seeking to boost its natural gas focus after emerging from bankruptcy in 2021, and this
00:42 acquisition adds Southwestern's holdings in key shale basins. The transaction is expected to close
00:48 in the second quarter of 2024, with Chesapeake shareholders owning around 60% of the combined
00:52 For all things money visit Benzinga.com
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