Exxon Mobil to Acquire Pioneer in Mega Shale Consolidation – Merger Arbitrage Mondays

Key Highlights

• The acquisition of Pioneer Natural Resources Company (PXD) by Exxon Mobil Corporation (XOM) for $64.5 billion in an all-stock deal.
• Microsoft Corporation (MSFT) completes the acquisition of Activision Blizzard (ATVI).
• DOJ’s trial to block JetBlue’s (JBLU) planned purchase of Spirit Airlines (SAVE) was delayed for a second week.

Pioneer Natural Resources Company (PXD) $248.29

Market Cap: $57.93 billion

Enterprise Value: $63.41 billion

On October 11, 2023, ExxonMobil (XOM) entered into a definitive agreement to purchase Pioneer Natural Resources (PXD) for over $60 billion. Through this acquisition, ExxonMobil is expected to attain substantial size within the Permian Basin, expanding its influence in the United States’ primary oil-producing area and enhancing its upstream assets.

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