V&E, Andrews Kurth Broker $1.5B MLP Stock Swap

Law360, New York (August 12, 2013, 7:11 PM EDT) -- Irving, Texas-based Pioneer Natural Resources Co. will acquire its own master limited partnership in a sweetened, all-stock deal that values the subsidiary at nearly $1.5 billion, the companies said Monday.

Shareholders of Pioneer Southwest Energy Partners LP, which is already majority-owned by Pioneer, will receive 0.2325 shares of Pioneer stock per MLP unit they own. The offer is worth about $40.81 per share, based on Pioneer's closing price Friday.

That's just a 1 percent premium to Southwest's own Friday close. But it is nearly 56 percent...
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