M&A · Energy · Crude Petroleum & Natural Gas
Cabot Oil & Gas Corporation to acquire Cimarex Energy Co
Announced May 24, 2021 · Closed Oct 1, 2021
Deal value$7.35BEV $8.82B
Premium—To unaffected price
EV / Adj. EBITDA—5.0x EV / Revenue
ConsiderationAll stock$71.50 per share
Transaction
- Acquirer
- Cabot Oil & Gas Corporation (COG)
- Target
- Cimarex Energy Co (XEC)
- Buyer type
- Strategic
- Offer price per share
- $71.50
- Enterprise value
- $8.82B
- Status
- Closed Oct 1, 2021
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- Tudor, Pickering, Holt
- Tudor, Pickering, Holt fee
- $2.5M
Sector context · Energy
- Comparable deals
- 12 in the prior 24 months
- Premium
- Sector median 41.5%
- EV / Adj. EBITDA
- Sector median 12.8x
- Break fee
- Sector median 2.3%
Timeline
- AnnouncedMay 24, 2021
- Proxy filedAug 23, 2021
- Definitive proxyAug 23, 2021
- Shareholder voteSep 29, 2021
- ClosedOct 1, 2021
Valuation · fairness opinions
Trading comparables$60.46$84.13
Trading comparables$58.73$78.37
Trading comparables$59.43$85.89
Trading comparables$15.70$20.65
Trading comparables$15.97$21.74
Offer $71.50
Implied value per Cimarex Energy Co share by analysis, from Tudor, Pickering, Holt.