India, July 20 -- Magnolia Oil & Gas Corp. (MGY), an independent oil and gas company, on Monday agreed to acquire WildFire Energy for approximately $4.06 billion. The company also increased its quarterly dividend by 9% to $0.18 per share, supported by higher expected free cash flow, and raised its standalone full-year 2026 production growth guidance to 6% from 5%.
The transaction is expected to close late in the third quarter of 2026.
Under the agreement, WildFire owners will receive 32.2 million shares of Magnolia Class A common stock, while the company will assume $600 million of WildFire's notes due in 2029.
The company said that the remaining consideration will be funded through a combination of cash on hand, debt, and newly issued e...