M&A · Energy · Crude Petroleum & Natural Gas
Devon Energy Corp to acquire Coterra Energy Inc.
Announced Feb 2, 2026 · Closed May 7, 2026
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Devon Energy Corp (DVN)
- Target
- Coterra Energy Inc. (CTRA)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed May 7, 2026
Deal protections
- Break fee (target pays)
- $865M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Evercore
- To the target
- Goldman Sachs, JPMorgan
- Evercore fee
- $35.0M
Sector context · Energy
- Comparable deals
- 37 in the prior 24 months
- Premium
- Sector median 20.5%
- EV / Adj. EBITDA
- Sector median 8.9x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedFeb 2, 2026
- Proxy filedMar 30, 2026
- Definitive proxyMar 30, 2026
- Shareholder voteMay 4, 2026
- ClosedMay 7, 2026
Valuation · fairness opinions
Discounted cash flowEvercore$37.50$54.97
Discounted cash flowEvercore$38.02$48.04
Discounted cash flowEvercore$25.04$37.39
Discounted cash flowEvercore$25.16$34.27
Trading comparablesEvercore$32.89$44.36
Discounted cash flowGoldman Sachs$25.43$31.86
Future share priceGoldman Sachs$24.05$30.47
Discounted cash flowGoldman Sachs$41.60$51.12
Future share priceGoldman Sachs$37.76$49.29
Discounted cash flowGoldman Sachs$30.67$38.51
Implied value per Coterra Energy Inc. share by analysis, from Evercore and Goldman Sachs · DCF discount rate 8%–10%.