Chesapeake Energy Corp. (NYSE: CHK) said Feb. 1 that it has completed its acquisition of WildHorse Resource Development Corp., creating an Eagle Ford oil producing powerhouse for Oklahoma City-based Chesapeake.
The acquisition, previously announced in late October, is worth nearly $4 billion in cash and stock and also includes the assumption of WildHorse’s $930 million net debt.
The consideration for the transaction consisted of either 5.989 shares of Chesapeake common stock or a combination of 5.336 shares of Chesapeake common stock and $3 cash, in exchange for each share of WildHorse common stock. Chesapeake intended to finance the cash portion of the WildHorse acquisition, which was expected to be between $275 million and $400 million, through its revolving credit facility.
