M&A · Energy · Crude Petroleum & Natural Gas
APA Corp to acquire Callon Petroleum Co
Announced Jan 4, 2024 · Closed Apr 1, 2024
Deal value$4.50BEV $4.54B
Premium15.4%To unaffected price
EV / Adj. EBITDA3.1x1.9x EV / Revenue
ConsiderationAll stock$38.31 per share
Transaction
- Acquirer
- APA Corp (APA)
- Target
- Callon Petroleum Co (CPE)
- Buyer type
- Strategic
- Offer price per share
- $38.31
- Enterprise value
- $4.54B
- Status
- Closed Apr 1, 2024
Deal protections
- Break fee (target pays)
- $85.0M · 1.9%
- Reverse fee (buyer pays)
- $170M · 3.8%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, Citigroup, Wells Fargo
Advisors
- To the acquirer
- Citigroup, Wells Fargo
- To the target
- Morgan Stanley, RBC Capital Markets
- Citigroup fee
- $15.0M
- Morgan Stanley fee
- $2.5M
Sector context · Energy
- Comparable deals
- 35 in the prior 24 months
- Premium
- 15.4% vs. 24.6% sector median
- EV / Adj. EBITDA
- 3.1x vs. 9.1x sector median
- Break fee
- 1.9% vs. 2.8% sector median
Timeline
- AnnouncedJan 4, 2024
- Proxy filedFeb 16, 2024
- Definitive proxyFeb 16, 2024
- Shareholder voteMar 27, 2024
- ClosedApr 1, 2024
Valuation · fairness opinions
Other analysisCitigroup$36.40$39.10
Other analysisCitigroup$37.05$40.45
Other analysisCitigroup$44.05$47.65
Discounted cash flowCitigroup$33.25$40.70
Discounted cash flowCitigroup$31.00$40.70
Trading comparables$23.83$39.84
Trading comparables$33.51$51.27
Trading comparables$30.19$38.73
Trading comparables$36.29$45.44
Trading comparables$36.73$42.81
Offer $38.31
Implied value per Callon Petroleum Co share by analysis, from Citigroup.