Chevron Corp. won its arbitration battle with Exxon Mobil Corp. and has closed its $53 billion deal to buy Hess Corp. more than 20 months after the takeover was announced.

Chevron will proceed with its $53 billion acquisition of Hess after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades off the coast of Guyana.

Just hours after winning its arbitration dispute with Exxon over Hess' assets offshore Guyana, Chevron closed its deal for Hess and said it will nominate John Hess to its board.