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Shearman & Sterling Advises Chevron on Competition Matters in $53 Billion Acquisition of Hess Corp

Published Date
Oct 23 2023

Shearman & Sterling advised Chevron Corp. on competition matters in its definitive agreement to acquire Hess Corp. in an all-stock transaction valued at $53 billion, or $171 per share based on Chevron’s closing price on October 20, 2023. The total enterprise value of the transaction, including debt, is $60 billion.

The transaction, announced on Oct. 23 in a press release, is expected to close in the first half of 2024.

Chevron, based in San Ramon, California, is one of the world’s leading integrated energy companies. Hess, based in New York City, is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.

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