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Concho Resources to buy RSP Permian in $9.5B all-stock deal

Published 03/28/2018, 07:05 AM
© Reuters.  Concho Resources to buy RSP Permian in $9.5B all-stock deal
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  • Concho Resources (NYSE:CXO) agrees to acquire RSP Permian (NYSE:RSPP) in an all-stock deal valued at ~$9.5B including debt.
  • RSP shareholders will get 0.320 of CXO shares for each stock held, or $50.24/share, a ~29% premium to RSP's Tuesday closing price; upon completion, CXO shareholders will own 74.5% of the company and RSP shareholders of RSP will own the rest.
  • CXO says the deal expands its Permian Basin portfolio to ~640K net acres, creating "the largest crude oil and natural gas producer from unconventional shale in the Permian Basin."
  • The combined company will run the largest drilling program in the Permian Basin, with 27 rigs
  • Now read: Lucrative Multi-Year Trading Opportunity In Shale Oil Stocks


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