Deals
Statoil Buys Brigham for $4.4 Billion to Get Bakken Shale
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Statoil ASA, Norway’s biggest oil company, agreed to buy Brigham Exploration Co. for about $4.4 billion in cash, expanding in unconventional U.S. assets because of declining North Sea production.
Statoil will buy all of Brigham’s shares for $36.50 each, a 20 percent premium to the Oct. 14 closing price, the Stavanger-based company said today in a statement. It would be the seventh-largest takeover announced in the oil and gas industry this year. The premium compares with a 23 percent average this year in the industry, Bloomberg calculations show.