Devon Energy, Coterra Energy shareholders approve merger

Devon Energy (DVN) and Coterra Energy (CTRA) announced that shareholders of both companies approved all proposals required to complete the previously announced all-stock merger between Devon and Coterra. The merger is expected to close on or around May 7. In accordance with the merger agreement, each share of Coterra common stock will be converted into the right to receive 0.70 shares of Devon common stock, with cash paid in lieu of any fractional shares. Upon completion of the transaction, Devon shareholders will own approximately 54% of the combined company and Coterra shareholders will own approximately 46% of the combined company on a fully diluted basis.