KKR-backed Independence Energy completed the merger with Contango Oil & Gas Company in a $5.7bn deal.

KKR-backed Independence Energy, a diversified, well-capitalized upstream oil and gas business, completed the merger with Contango Oil & Gas Company, an oil and natural gas company, in a $5.7bn deal. Independence shareholders own c. 76% and Contango shareholders own c. 24% of the combined company. “This is a very compelling merger for Contango shareholders providing substantial value accretion, significant scale and lower cost of capital. KKR’s desire to position the combined company to be their long-term primary platform to focus on continued consolidation in the industry is a testament to what the team has created at Contango. As the largest shareholder of Contango and Chairman of the new combined company, I look forward to working with David Rockecharlie and the KKR team in continuing our strategy of consolidation and industry leading performance,” John Goff, Contango Chairman and Shareholder.