Cabot, Cimarex shareholders approve merger to create oil & gas giant

The deal is expected to close in the fourth quarter of 2021, after which Cimarex shareholders would own 50.5% of the combined entity and Cabot shareholders the rest

NEW YORK: Shareholders of Cabot Oil & Gas Corp and Cimarex Energy Co on Wednesday approved the proposed merger between the two companies to form one of the largest U.S oil and gas firms.

The merger, which was announced in May and pegged the enterprise value of the combined entity at about $17 billion, brings together Cabot's gas-rich Marcellus shale positions in the U.S. northeast and Cimarex's oil-heavy acres in West Texas, unlike most recent oil and gas deals that have been between companies with overlapping footprints.