XTO Energy Inc. (XTO) announced it has agreed to acquire privately-held Hunt Petroleum Corp. and other associated entities for $4.186 billion.
Consideration in the transaction include $2.6 billion in cash and 23.5 million shares of XTO common stock valued at approximately $1.6 billion, or $67.50 per share.
Commenting on the deal, Bob R. Simpson, XTO Chief Executive, said, "With the quality of these assets and the strong energy prices, this transaction reflects a defining moment in building our Company's future and creating value for our shareholders.The majority of these producing assets extend across East Texas and Louisiana where XTO is the leading natural gas producer. They are a natural complement to our operations."
The acquisition is scheduled to close on or before September 3, 2008, subject to expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
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