Deals
Range to Buy Memorial Resource in Record $3.3 Billion Deal
- Implied value of $15.75 a share is 17% premium to May 13 close
- Transaction gives Range access to assets in northern Louisiana
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Range Resources Corp. agreed to buy Memorial Resource Development Corp. in a $3.3 billion all-stock deal to take advantage of growing demand from natural gas exporters and chemical manufacturers. It’s Range’s largest deal on record.
Memorial Resource shareholders will get 0.375 shares of Range for each share held, implying a value of $15.75 a share, or a 17 percent premium to the closing price on May 13, the companies said in a statement Monday. The transaction is valued at $4.4 billion when $1.1 billion of debt is included.