Noble Energy shareholders approve $4.1bn deal with Chevron

Independent oil and natural gas E&P firm Noble Energy shareholders approved the company’s acquisition by US oil major Chevron.

The all-stock deal values the independent oil and natural gas firm at around $4.1bn, excluding $8bn.

It comes as one of the US oil industry’s biggest transactions this year, Reuters reported.

Under the terms of the definitive merger agreement, Noble’s investors will receive 0.1191 shares of Chevron for each Noble share.

Noble Energy chairman and CEO David L Stover said: “We are pleased that Noble Energy shareholders resoundingly support the pending transaction with Chevron.

“Today’s approval marks an important milestone on the path to becoming part of an even stronger global energy platform. We thank our shareholders and other stakeholders for recognising the many benefits that will be realised, and the significant value that will be created, through this combination.”

The companies expect to close the merger transaction early in the fourth quarter this year.

In July, Chevron said it will acquire all of Noble Energy’s shares after the companies signed a definitive agreement.

At the time of the agreement signing, the all-stock value of the deal stood at $5bn, with a total enterprise value of $13bn.