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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.