Chesapeake and Southwestern Delay Merger Closing After the FTC Requests More Information

Chesapeake Energy and Southwestern Energy said on Friday the closing date of their proposed $7.4 billion merger has been pushed back to the second half of the year after receiving a U.S. regulator’s second request for information.

Chesapeake had agreed to buy smaller rival Southwestern Energy earlier this year and expected the deal to close by the second quarter of 2024.

U.S. lawmakers have sought increased scrutiny by the Federal Trade Commission (FTC) over multi-billion dollar deals. Nearly 50 Democrats in the U.S. Congress in March urged the regulator to probe oil and gas company deals and expand current investigations to protect consumers and industry competition.

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