Pioneer to Buy Parsley for $4.5 Billion in Latest Shale Deal

(Bloomberg) — Pioneer Natural Resources Co. agreed to buy Permian Basin peer Parsley Energy Inc. for $4.5 billion in stock, the latest in a flurry of mergers that’s quickly reshaping the beleaguered U.S. shale oil industry.Pioneer said Tuesday in a statement the transaction represents a 7.9% deal premium for Parsley holders based on closing prices from a day earlier, just before talks between the companies were first reported. The deal will lead to $325 million of cost cuts and add to earnings in its first year, the Irving, Texas-based company said.The sector is in full-on merger mode with more than …read more

Source:: Yahoo Finance


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