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posted 14 years ago
Skadden is representing XTO Energy Inc., which announced on December 14, 2009, it will be acquired by Exxon Mobil Corporation in an all-stock transaction valued at $41 billion. XTO is a domestic oil and natural gas producer engaged in the acquisition, exploitation and development of oil and natural gas properties in the United States.
Manhattan leaders Davis Polk & Wardwell and Slate Meagher & Flom have also worked on the transaction wich is one of the largest US M&A deals of 2009.
The deal sees Exxon acquire the natural gas business for an up-front consideration of $31bn. XTO shareholders will get 0.7098 Exxon shares of for each share they hold and the total value is increased by the company’s $10bn debt. The purchase is being put down to Exxon’s desire to diversify its energy resources in a bid to cut carbon emissions.
Davis Polk, which is a long-standing adviser to Exxon, represented the energy giant. George Bason was the lead partner. The Skadden team working for the seller included partners Roger Aaron and Stephen Arcano.
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