BHP Billiton To Acquire US Shale Gas Company Petrohawk Energy

Date : 07/14/2011 @ 7:12PM
Source : Dow Jones News
Stock : Halcon Resources Corp. (HK)
Quote : 6.825  -0.115 (-1.66%) @ 12:35PM

BHP Billiton To Acquire US Shale Gas Company Petrohawk Energy

Bhp Billiton (NYSE:BHP)
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BHP Billiton Ltd. (BHP) on Friday said it has agreed to buy Petrohawk Energy Corp. (HK) for US$12.1 billion in an all-cash offer, marking its second acquisition of U.S. shale gas assets this year.

BHP said the two companies have entered into a definitive agreement for BHP to buy Petrohawk for US$38.75 a share. BHP will also assume some debt, bringing the total enterprise value of the deal to US$15.1 million.

The diversified mining giant said it will fund the acquisition from existing cash resources and a new credit facility, with the transaction expected to close by Sep. 30.

BHP in February agreed to buy assets from U.S. shale gas producer Chesapeake Energy Corp. (CHK) for US$4.75 billion cash.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com

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