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Callon Petroleum To Acquire Carrizo In All-Stock Deal

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Callon Petroleum To Acquire Carrizo In All-Stock Deal

Carrizo Oil & Gas, Inc (NASDAQ: CRZO) will be acquired by Callon Petroleum (NYSE: CPE) in an all-stock deal.

Carrizo shareholders are to receive 2.05 Callon shares for each Carrizo share owned worth $13.12 based on Friday's closing price.

"We are excited about this transformational transaction, creating a differentiated oil and gas company by integrating core asset bases in premier basins. Together with Carrizo, we will accelerate our free cash flow, capital efficiency and deleveraging goals through an optimized model of large-scale development across the portfolio," said Joe Gatto, President and CEO of Callon.

Callon Petroleum shares are trading down 12.5% at $5.60 in Monday’s pre-market session. The stock has a 52-week high of $13.09 and a 52-week low of $5.57.

Carrizo shares were trading up 8% at $10.50. The stock has a 52-week high of $29.58 and a 52-week low of $8.64.

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Posted-In: M&A News Best of Benzinga

 

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