Callon Petroleum To Acquire Carrizo In $3.2 Bln Deal - Quick Facts

(RTTNews) - Callon Petroleum Company (CPE) and Carrizo Oil & Gas, Inc. (CRZO) have reached a deal, under which Callon will acquire Carrizo. The Carrizo shareholders will get 2.05 Callon shares for each share they own. The all stock acquisition is valued at $3.2 billion or $13.12 per Carrizo share.

Callon shareholders will own approximately 54% of the combined company, and Carrizo shareholders will own approximately 46%. The combined company will be led by Callon's executive team.

Callon expects the deal to be immediately accretive to EPS, debt-adjusted growth per share and net asset value per share. Also, Callon projects the acquisition to be immediately accretive to free cash flow per share in 2020 with positive free cash flow generation of over $100 million.