Kirkland & Ellis advised Marathon Oil Corp. (NYSE: MRO) on its definitive agreement to be acquired by ConocoPhillips (NYSE: COP) in an all-stock transaction with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt. Under the terms of the agreement, Marathon shareholders will receive 0.2550 shares of ConocoPhillips common stock for each share of Marathon’s common stock, representing a 14.7% premium to the closing share price of Marathon on May 28, 2024, and a 16% premium to the prior 10-day volume-weighted average price. Read the ConocoPhillips press release The Kirkland team was led by corporate partners Sean Wheeler, Debbie Yee and Camille Walker; debt finance partner Rachael Lichman; capital markets partners Julian Seiguer and Atma Kabad; tax partners David Wheat and Bill Dong; antitrust & competition partners Ian John, Chuck Boyars, Thomas Wilson and Athina Van Melkebeke; and executive compensation partners Rob Fowler and Stephanie Jeane.