Hess Corporation in its $53 billion all-stock acquisition by Chevron Corporation
On October 23, 2023, Hess Corporation (NYSE: HES) and Chevron Corporation (NYSE: CVX) announced that they have entered into a definitive agreement for Chevron to acquire Hess in an all-stock transaction valued at $53 billion, or $171 per share, based on Chevron’s closing price on October 20, 2023. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron common stock for each share of Hess common stock. The total enterprise value, including debt, of the transaction is $60 billion.
Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Hess.