Parsley Energy to buy Jagged Peak in an all-stock deal valued at $2.3 billion, including debt [MarketWatch]
PARSLEY ENERGY INC (PE)
Last parsley energy inc earnings: 2/19 04:15 pm
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Source: MarketWatch
Parsley Energy to buy Jagged Peak in an all-stock deal valued at $2.3 billion, including debt Shares of Parsley Energy Inc. PE, -13.28% dropped 5.7% and Jagged Peak Energy Inc. JAG, -6.16% rose 2.6% in premarket trading Monday, after the oil and gas companies announced a deal in which Parsley acquires Jagged Peak in an all-stock deal valued at $2.27 billion, including $625 million in debt. Under terms of the deal, Jagged Peak shareholders will receive 0.447 Parsley shares for each Jagged Peak share they own. Based on Friday's stock closing prices, that values Jagged Peak's stock at $7.59 each, or an 11% premium, and implies a $1.62 billion market capitalization for Jagged Peak. Parsley said the "low premium" deal, which is expected to close in the first quarter of 2020, is expected to immediately add to 2020 cash flow, return on capital invested and net asset value, and generate $25 million in cost savings in the first year, and $40 million to $50 million in savings annually aft
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