Chevron Corp. shared on Monday in a press release that it will be taking over Hess Corporation, for $53 billion or $171 per share. The total enterprise value of the transaction is $60 billion, including net debt and book value of non-controlling interest.
"The acquisition of Hess upgrades and diversifies Chevron’s already advantaged portfolio ... The combined company is expected to grow production and free cash flow faster and for longer than Chevron’s current five-year guidance. In addition, John Hess is expected to join Chevron’s Board of Directors," it was written in the press release.
The boards of directors of both companies already greenlighted the deal, which is expected to be closed in the first half of 2024.
