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Big Law

Pioneer Natural Acquire Rival Parsley for $4.5B

 

Pioneer Natural Resources, an independent oil & gas exploration and production company, said it will acquire its rival Parsley Energy Inc in an all-stock transaction valued at about $4.5 billion.

Under the terms of the deal, Parsley shareholders will receive a fixed exchange ratio of 0.1252 shares of Pioneer common stock for each share of Parsley common stock owned. The total value for the transaction, inclusive of Parsley debt assumed by Pioneer, is nearly $7.6 billion, the company said.

This all-stock transaction constitutes a 7.9% premium to Parsley shareholders based on unaffected closing share prices as of October 19, 2020. Pioneer will issue approximately 52 million shares of common stock in the transaction.

Read the source article at Yahoo Finance

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