Toms Capital builds major stake in Devon Energy amid rising Permian dealmaking

U.S.-based hedge fund Toms Capital Investment Management, backed by Ken Griffin’s Citadel, has built a stake in Devon Energy, placing it among the oil and gas company’s top five investors. The position comes as merger-and-acquisition activity in the Permian basin has been picking up. Devon, a major operator in the region, has recently been viewed by the market as either a potential takeover target or a consolidator.