M&A · Energy · Crude Petroleum & Natural Gas
Independence Energy, LLC to acquire Contango Oil & Gas Co
Announced Jun 8, 2021 · Closed Dec 7, 2021
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Independence Energy, LLC
- Target
- Contango Oil & Gas Co
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Dec 7, 2021
Deal protections
- Break fee (target pays)
- $33.4M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Wells Fargo
- To the target
- Jefferies
- Jefferies fee
- $13.0M
Sector context · Energy
- Comparable deals
- 13 in the prior 24 months
- Premium
- Sector median 41.5%
- EV / Adj. EBITDA
- Sector median 12.8x
- Break fee
- Sector median 2.3%
Timeline
- AnnouncedJun 8, 2021
- Proxy filedNov 3, 2021
- Definitive proxyNov 3, 2021
- Shareholder voteDec 6, 2021
- ClosedDec 7, 2021
Valuation · fairness opinions
Discounted cash flow$10.00$20.00
Discounted cash flow$601.00$1,303.00
Discounted cash flow$40,000.00$60,000.00
Discounted cash flow$688.00$1,082.00
Discounted cash flow$586.00$929.00
Implied value per Contango Oil & Gas Co share by analysis, from Jefferies · DCF discount rate 10%–12%.