6/8, 1:06 PM (Source: TeleTrader)
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KKR's Independence, Contango agree $5.7B merger

KKR & Co. Inc.-managed Independence Energy LLC and Contango Oil & Gas Company announced on Tuesday they will merge in an all-stock transaction.

Independence shareholders will own around 76% of the combined company, with Contango stockholders possessing the remainder of the firm's shares. The new company's initial equity market capitalization is projected to stand at $4.8 billion with an enterprise value of approximately $5.7 billion.

"The combined business will be managed by KKR's Energy Real Assets team and led by David Rockecharlie, Head of KKR Energy Real Assets, who will serve as Chief Executive Officer," the announcement read.

Breaking the News / MS