Cimarex’s $1.6 Billion Acquisition of Resolute

Evercore is acting as exclusive financial advisor to Cimarex, and Akin Gump Strauss Hauer & Feld LLP is acting as legal advisor. Petrie Partners Securities, LLC and Goldman Sachs & Co. LLC are acting as financial advisors to Resolute. Arnold & Porter and Wachtell, Lipton, Rosen & Katz are acting as legal advisors to Resolute.

Cimarex (NYSE: XEC) has entered into a definitive agreement to acquire Resolute (NYSE: REN) in a cash and stock transaction valued at $35.00 per share, or a total purchase price of approximately $1.6 billion, including Resolute’s long term debt of $710 million, as of September 30, 2018. The transaction was unanimously approved by both companies’ Boards of Directors.

Cimarex will continue to maintain an industry-leading cost structure and strong balance sheet. Cimarex expects the combined companies to generate free cash flow in 2020.

Denver-based Cimarex is an independent oil and gas exploration and production company with principal operations in the Permian Basin and Mid-Continent areas of the U.S.

Resolute is an independent oil and gas company focused on the acquisition and development of unconventional oil and gas properties in the Delaware Basin portion of the Permian Basin of west Texas.

Akin Gump Strauss Hauer & Feld advised Cimarex Energy Co. with a team led by Christine LaFollette (Picture) and Jeffrey Kochian.

Fried Frank acted as counsel to Evercore as financial advisor to Cimarex with a team including Philip Richter, Scott B. Luftglass and Brian A. Blitz.

Arnold & Porter Kaye Scholer advised Resolute Energy Corporation with a team led by Ronald R. Levine, II.

Wachtell, Lipton, Rosen & Katz advised Resolute Energy with a team led by Mark Gordon.

 

Involved fees earner: Christine LaFollette – Akin Gump; Jeffrey Kochian – Akin Gump; Philip Richter – Fried Frank Harris Shriver & Jacobson; Scott Luftglass – Fried Frank Harris Shriver & Jacobson; Brian Blitz – Fried Frank Harris Shriver & Jacobson; Mark Gordon – Wachtell, Lipton, Rosen & Katz; Ronald Levine II – Arnold & Porter Kaye Scholer LLP;

Law Firms: Akin Gump; Fried Frank Harris Shriver & Jacobson; Wachtell, Lipton, Rosen & Katz; Arnold & Porter Kaye Scholer LLP;

Clients: Evercore Partners; Cimarex Energy Co.; Resolute Energy Corporation;