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Israel sets to approve Chevron taking over Noble's gas assets

16 Sep 2020

The Israeli Energy Ministry has approved the acquisition by Chevron of Noble Energy's stakes in two large offshore gas fields in the eastern Mediterranean. In July 2020, Chevron and Noble Energy reached a definitive agreement, under the terms of which Chevron will acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at US$5bn (US$10.38 per share). Including debt, the total enterprise value is US$13bn (including US$8bn in debt). Noble Energy holds low-capital, cash-generating offshore gas assets in Israel and will enhance Chevron's position in the Eastern Mediterranean. The transaction is subject to the approval of Noble Energy's shareholders and to regulatory approvals and other customary closing conditions.

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