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, fueled 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.
Jim Cramer gave his advice to investors who are looking to figure out what they should do after a company that they're invested in is sold to another company.
The biggest piece of advice?
Find out whether or not it was a cash deal.