Southwestern Energy announced a $1.85bn purchase of assets in the US Haynesville basin held by private equity firms.
Under the deal, announced in early November, Southwestern has paid $1.33bn in cash and issued $525mn of its shares to acquire GEP Haynesville, a joint venture between Blackstone-backed GeoSouthern and Texas-based private equity firm Woodlands. Southwestern raised $1.15bn from the sale of notes and took out a $550mn loan to fund the purchase in December.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
“The transaction builds further scale in the Haynesville, deepens the company’s inventory, improves key financial metrics, including margins, returns and per-share ratios, fortifies Southwestern’s financial strength and enhances the company’s leading presences in the two premier natural gas basins in the US,” Southwestern said in its latest statement.
Source: Natural Gas World
Can’t stop reading? Read more
Advance Capital Partners to acquire 60% stake in Mass in major Adriatic retail deal
Advance Capital Partners to acquire 60% stake in Mass in major Adriatic retail deal Advance...
Neuberger Berman closes $2.8bn co-investment fund, exceeding target as LP demand accelerates
Neuberger Berman closes $2.8bn co-investment fund, exceeding target as LP demand accelerates...
Ardian to acquire majority stake in high-voltage specialist MasterGrid from Andera Partners
Ardian to acquire majority stake in high-voltage specialist MasterGrid from Andera Partners Ardian...