Pacific Rubiales to Acquire Petrominerales for $909 Million

Pacific Rubiales Energy Corp. agreed to buy Petrominerales Ltd. for C$935 million ($909 million) in cash as the world’s fastest-growing major crude producer seeks to reduce transport costs in Colombia.

Petrominerales stockholders will receive C$11 a share and one share in a newly formed exploration and production company, Bogota-based Pacific Rubiales said yesterday in a statement. That’s 42 percent more than where Calgary-based Petrominerales was trading before its stock was halted Sept. 27. Pacific will also assume C$640 million in debt, including convertible bonds.