RTTNews | Aug 12, 2020 07:13AM EDT

07:13 Wednesday, August 12, 2020 (RTTNews.com) - Southwestern Energy Company (SWN) and Montage Resources Corporation (MR) have reached a merger deal under which Southwestern Energy will acquire Montage Resources in an all-stock transaction. Montage Resources shareholders will receive 1.8656 shares of Southwestern for each Montage Resources share.

Southwestern Energy expects the deal to be accretive to per share financial metrics as well as leverage, margin and returns. The company anticipates synergies of approximately $30 million in annual G&A savings captured following the transaction close, in addition to operational efficiencies.

Southwestern Energy also announced the commencement of an underwritten public offering of 55 million shares of its common stock. The company intends to use the proceeds to partially redeem Montage Resource Corporation's issued and outstanding senior notes.

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