Thursday, April 15, 2010

Mariner Energy (NYSE:ME) Acquired by Apache (NYSE:APA)

Apache buys Mariner Energy

Apache Corp. (NYSE:APA) announced it will acquire Mariner Energy (NYSE:ME) for about $4 billion, including the assumption of $1.8 billion in debt Mariner has.

Terms of the deal are each holder of Mariner Energy stock will receive 0.17043 of a share of Apache common stock and $7.80 in cash for each share, which will be valued at $2.7 billion.

The deal values Mariner at about $26.22 a share, a 45 percent premium over its close on Wednesday.

Apache CEO G. Steven Farris this is a move to expand into the deepwater gulf.

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