CALGARY – Encana Corp. has agreed to buy Texas-based Athlon Energy in a friendly takeover worth about US$7.1 billion.
The Calgary-based natural gas producer will pay nearly US$6 billion in cash and assume about US$1.15 billion of Athlon’s debt.
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
Encana has scheduled a conference call with media and analysts to discuss the deal, which has the support of Athlon’s board of directors.
- Province interfering in Edmonton housing sets disturbing precedent: Calgary mayor
- Consultants for Hydro-Québec defend proposal to double energy costs for data centres
- Corus completes recapitalization transaction, appoints new Board
- Emera inks Canadian Utilities merger deal with ATCO to create $72B energy ‘powerhouse’
Athlon’s shareholders are being offered US$58.50 per share cash, for a total of US$5.93 billion.
Encana says the transaction will add the equivalent of about 30,000 barrels per day of production.
Comments
Want to discuss? Please read our Commenting Policy first.