Chevron said it will pay $65 a share to Anadarko shareholders, who will receive 0.3869 a share of Chevron and $16.25 in cash for each Anadarko share.
The total enterprise value of the transaction is $50 billion.
The deal comes amid a rebound in global oil prices, fuelled in large part by bets among investors that OPEC supply cuts, sanctions on Iran and Venezuela and escalating military tensions in Libya will continue to support markets.
Cramer explained that he believes that Anadarko "redeemed" itself by selling to Chevron.
And, while the portfolio has been upset with the oil stocks that they own, Cramer said that his team is going to assess whether or not they keep the Chevron shares that they'll be getting from the sale.
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