Wachtell, Akin Gump Steer PDC's $1.7B Oil & Gas Biz Buy

Law360 (August 26, 2019, 10:38 AM EDT) -- PDC Energy said Monday it has agreed to buy SRC Energy in all-stock deal valued at $1.7 billion that will increase its foothold on Denver, Colorado’s Denver-Julesburg Basin and was steered by Wachtell and Akin Gump.

PDC Energy Inc., which develops and produces crude oil, natural gas and natural gas liquids, said it will buy Denver-based SRC Energy Inc. in a deal that will see SRC shareholders land roughly 0.158 shares of PDC for each share of SRC, which shakes out to $3.99 based on PDC’s closing price on Friday. The total value of the deal also accounts for SRC’s net...

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