EOG Resources to buy Yates, some other entities in $2.5 bln deal
Sept 6 (Reuters) - EOG Resources Inc said it would buy privately-held Yates Petroleum Corp and some of Yates' subsidiaries and other entities in a deal valued at $2.5 billion, to boost its assets in the Powder River and oil-rich Permian basin.
EOG will issue 26.06 million shares valued at $2.3 billion and pay $37 million in cash in exchange for Yates Petroleum Corp, Abo Petroleum Corp, MYCO Industries Inc and some other entities, the companies said in a statement on Tuesday.
EOG said it would assume $245 million of Yates' debt and $131 million of anticipated cash from Yates at closing.
(Reporting By Sudarshan Varadhan in Bengaluru; Editing by Sayantani Ghosh)
© Copyright Reuters Ltd. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Reuters Ltd.
