Baytex To Pay $1.6B For Australian Energy Co.

Law360, Los Angeles (February 6, 2014, 9:24 PM EST) -- Canada's Baytex Energy Corp. announced Thursday it will acquire Australia-based Aurora Oil and Gas Ltd. for about CA$1.8 billion (US$1.63 billion), a move that will give it access to lucrative oil fields in Texas.

Under the agreement, Baytex will acquire all of Aurora's shares for about $3.67 cash per share. Calgary, Alberta-based Baytex will also assume $672 million of Aurora's debt, giving the transaction a total value of more than $2.3 billion, according to Baytex.

"The acquisition is an excellent fit with our existing business model...
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