California Resources Corporation acquires Aera Energy in a $2.1B all-stock deal, forming a combined entity with interests in 5 major CA oil fields.

California Resources has agreed to acquire Aera Energy in a deal valued at approximately $2.1 billion, which includes debt and other obligations. The transaction will see California Resources issue 21.2 million shares, equating to a 23% stake in the Long Beach, California-based company, to IKAV and the Canada Pension Plan Investment Board. The deal is expected to be immediately accretive, and the combined company will own interests in five of the largest oil fields in California.

February 07, 2024
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