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)