Chevron Announces Agreement to Acquire Noble Energy

Vinson & Elkins advised Noble Energy, Inc. in a definitive agreement with Chevron Corporation under which Chevron will acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or $10.38 per share. Based on Chevron’s closing price on July 17, 2020 and under the terms of the agreement, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. The total enterprise value, including debt, of the transaction is $13 billion.