Kirkland Advises Southwestern Energy on Merger with Chesapeake Energy to Create $24 Billion Combined Company

Kirkland & Ellis counseled Southwestern Energy Co. (NYSE:SWN) on its agreement to merge in an all-stock transaction with Chesapeake Energy Corp. (NASDAQ:CHK), with Southwestern valued at approximately $7.4 billion, or $6.69 per share, based on Chesapeake’s closing price on January 10, 2024. Under the terms of the agreement, Southwestern shareholders will receive 0.0867 shares of Chesapeake common stock for each share of Southwestern common stock outstanding at closing. Based on share prices on January 10, 2024, the combined company would have an enterprise value of approximately $24 billion. 

Read Southwestern and Chesapeake's combined press release

The Kirkland team was led by corporate partners Doug Bacon, Kim Hicks and Pat Salvo; debt finance partners Will Bos, Rachael Lichman and Chad Davis; capital markets partners Julian Seiguer and Anne Peetz; tax partners David Wheat and Bill Dong; executive compensation partners Rob Fowler and Stephanie Jeane; and antitrust & competition partners Jim Mutchnik and Chuck Boyars.