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Amplify Energy, Midstates Petroleum close all-stock merger of equals

Independent oil and gas producers Amplify Energy Corp. and Midstates Petroleum Co. Inc. completed their all-stock merger of equals.

With the deal completed, Midstates and Amplify shareholders will each hold about 50% of the combined entity's outstanding common stock, according to an Aug. 6 news release. The merged entity will retain the name Amplify Energy Corp., trade under the ticker AMPY on the New York Stock Exchange beginning Aug. 7 and remain based in Houston.

The new company will be headed by Amplify President and CEO Ken Mariani, and its board will comprise current Amplify and Midstates board members.

In addition, the merged entity declared its first quarterly dividend of 20 cents per share, expected to be paid Sept. 18 to shareholders of record as of Sept. 4. The company's board also authorized an open-market share buyback program of up to $25 million. The repurchases are slated to start on or after Aug. 6.

The producers struck the merger agreement in May, under which Amplify shareholders will receive 0.933 Midstates share for each Amplify share held.

UBS Investment Bank served as Amplify's financial adviser, while Kirkland & Ellis LLP served as legal adviser. Houlihan Lokey Capital Inc. acted as Midstates' financial adviser and Latham & Watkins LLP acted as legal adviser.