Devon to Merge with Coterra in Stock-and-Cash Deal

Devon Energy and Coterra Energy have entered into an agreement and plan of merger under which a Devon subsidiary (Merger Sub) will merge with and into Coterra, with Coterra surviving as a wholly-owned, direct subsidiary of Devon. Coterra stockholders will receive 0.70 shares of Devon common stock for each share of Coterra common stock, with cash paid in lieu of fractional shares.

The proxy statement requests stockholder votes at separate special meetings for Devon proposals including issuance of Devon shares to Coterra holders and an amendment to increase Devon’s authorized common shares from 1,000,000,000 to 2,000,000,000. The filing also references a Coterra special meeting in connection with the merger.