APA Corporation to Acquire Callon Petroleum Company in All-Stock Transaction
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HOUSTON, Jan. 04, 2024 (GLOBE NEWSWIRE) -- APA Corporation (“APA” or the “Company”) (NASDAQ: APA) and Callon Petroleum Company (“Callon”) (NYSE: CPE) have entered into a definitive agreement under which APA will acquire Callon in an all-stock transaction valued at approximately $4.5 billion, inclusive of Callon’s net debt. - Under the terms of the transaction, each share of Callon common stock will be exchanged for a fixed ratio of 1.0425 shares of APA common stock.
- APA expects to retire the existing debt at Callon and replace it with APA term loan facilities totaling $2.0 billion.
- APA and Callon will host a joint conference call on Thursday Jan. 4, 2024, to discuss the transaction at 7:30 a.m. Central (8:30 a.m. Eastern).