M&A · Energy · Crude Petroleum & Natural Gas
Southwestern Energy Co to acquire Montage Resources Corp
Announced Aug 12, 2020 · Closed Nov 13, 2020
Deal value$213MEV $213M
Premium—To unaffected price
EV / Adj. EBITDA—0.4x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- Southwestern Energy Co
- Target
- Montage Resources Corp
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $213M
- Status
- Closed Nov 13, 2020
Deal protections
- Break fee (target pays)
- $9.7M · 4.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Citigroup, Goldman Sachs
- To the target
- Barclays
Classification
- Sector
- Energy
- Industry
- Crude Petroleum & Natural Gas
Timeline
- AnnouncedAug 12, 2020
- Proxy filedOct 6, 2020
- Definitive proxyOct 6, 2020
- Shareholder voteNov 12, 2020
- ClosedNov 13, 2020
Valuation · fairness opinions
Analyst price targets$4.00$10.00
Analyst price targets$2.00$4.00
Implied value per Montage Resources Corp share by analysis, from Barclays.