XOM - California Resources Concludes Merger With Aera Energy | Benzinga
California Resources Corporation (NYSE: CRC) has concluded its $1.13 billion all-stock merger, announced in February 2024, with Aera Energy, LLC. The total valuation of the deal is $2.1 billion, including debt.In a special meeting held on Jun 26, 2024, CRC shareholders authorized the issuance of stocks needed to close the merger deal. As part of the agreement, the entities owning Aera Energy have received 21.3 million shares of common stock of CRC. The total value of $1.13 billion was based on the closing price of the CRC stock on Jun 28.
Aera Energy is a joint venture (JV) between Shell (NYSE: SHEL) and ExxonMobil (NYSE: XOM) that was later sold to IKAV, a German asset manager in February 2023 for $4 billion. Following this acquisition, the Canada Pension Plan Investment Board ("CPP") purchased a 49% stake in the JV. Additionally, Oaktree Capital Management, LP holds equity in Aera Energy.
During April and May 2024, ...