August 26, 2019 / 10:39 AM / 3 months ago

PDC Energy to buy SRC Energy for $971 million

Aug 26 (Reuters) - Oil and gas producer PDC Energy Inc said on Monday it would buy smaller rival SRC Energy Inc for $971.3 million, the latest deal in a sector facing investor pressure to cut costs.

The deal implies a purchase price of $3.99 per SRC share, a discount of 3.9% to the company’s closing price on Friday.

Including debt, the deal values SRC at $1.7 billion.

Bloomberg had reported earlier this month that the two companies were in merger talks. (Reporting by Shariq Khan in Bengaluru; Editing by Shinjini Ganguli)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below