Houston-based Noble Energy Inc. (NYSE: NBL) announced Jan. 16 it will acquire Midland, Texas-based Clayton Williams Energy Inc. (NYSE: CWEI) in a $2.7 billion cash-and-stock deal.
The deal is expected to close in the second quarter and represents a 21 percent premium to Clayton’s average closing share price over the past 30 days and a 34 percent premium to the price on Jan. 13, the last day prior to the deal. Clayton shareholders are expected to own approximately 11 percent of Noble’s outstanding shares.
Clayton shareholders will receive 2.7874 shares of Noble common stock and $34.75 in cash for each share of common stock held, totaling 55 million Noble shares and $665 million in cash. Noble also will assume approximately $500 million in net debt.