MCF - KKR's Independence Contago Oil & Gas confirm merger deal

Contango Oil & Gas (MCF) +5% pre-market after agreeing to merge with [[KKR]]'s Independence Energy in an all-stock deal in which the combined company will have an enterprise value of ~$5.7B.Upon completion of the deal, Independence shareholders will own 76% and Contango shareholders will own 24% of the combined company.The merger is projected to be highly accretive to financial metrics, including ~15% and ~50% accretive to Contango's estimated 2021 and 2022 cash flow per share, respectively.KKR Energy Real Assets head David Rockecharlie will become CEO of the combined company, and Contango Chairman John Goff will be Chairman.

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KKR's Independence, Contago Oil & Gas confirm merger deal