In a significant move within the energy sector, Paul, Weiss, Rifkind, Wharton & Garrison has counseled Chevron Corp. on the successful purchase of its competitor, Hess Corp. Totalling an all-stock transaction value of $53 billion, this adds another feather to the cap of the illustrious law firm. Read more here.
The legal cohort accompanying Paul Weiss in the Chevron-Hess deal included partner Kyle T. Seifried, counsel Stan Richards, and partner Scott A. Barshay. Meanwhile, law giant Wachtell, Lipton, Rosen & Katz rendered their services to Hess with partners Martin Lipton, Karessa L. Cain and Zachary Podolsky at the helm.
Wall Street law firm Fried, Frank, Harris, Shriver & Jacobson assisted Goldman Sachs, the financial advisor for Hess in this transaction, led by partners Philip Richter and Roy Tannenbaum. In broad strokes, energy deals have continuously performed well for law firm mergers and acquisitions practices, despite an observed decrease in overall deals activity by 14% to $777 billion through the third quarter.
Very recently, Chevron also took over Denver-based PDC Energy Inc., a transaction also noteworthy for the flat trend in North America’s energy deals. Notably, Davis Polk & Wardwell advised Exxon Mobil Corp. on its all-stock $59.5 billion acquisition of shale competitor Pioneer Natural Resources in October. In light of these, the Chevron-Hess merger marks a continuation of colossal shifts within this vital industry. See here for further details.
In this merger, the companies’ Boards have given their seal of approval. However, it is subject to the agreement of Hess shareholders and necessary regulatory sanctions. The closure of the Chevron-Hess deal is projected to be within the first half of 2024, as stated by both companies.