Fort Worth, Texas-based oil and gas company Range Resources Corp. said Monday that it had reached a deal to acquire independent oil and gas firm Memorial Resource Development Corp. in a deal valued at $4.4 billion, including the assumption of debt.
The acquisition adds Memorial’s oil and gas properties in North Louisiana to Range’s portfolio. It comes amid a flurry of restructuring activity in the energy business in the wake of oil’s descent to below $30 per barrel for a brief period earlier this year.
Range will acquire Memorial in an all-stock deal valued at $15.75 per share, or about 17% higher than Friday’s closing price.
The companies said they expect the deal to close in the second half of 2016.
“This acquisition will give Range strategic positioning in both the Appalachian and Gulf Coast regions, providing greater marketing capabilities and opportunities, with added beneficial exposure to growing natural gas demand,” Range CEO Jeff Ventura said in a statement.
By Nathan Bomey
Source: USA Today
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