NEW YORK (AP) – Fort Worth based Range Resources will buy rival natural gas producer Memorial Resource Development for about $3.3 billion to expand its range in the East and in the Gulf.READ MORE: 2 People Killed In 3 Days By Separate Hit-And-Run Drivers In Fort Worth
Shareholders of Memorial Resources, based in Houston, will receive 0.375 shares of Range Resources stock for each of their shares. The all-stock deal is valued at about $15.75 per share, marking a 17 percent premium to its closing price Friday.READ MORE: CBS Eye On Earth: What You Can Do To Prevent Water Runoff Pollution
Range Resources will also assume $1.1 billion in debt.
The purchase better positions the Texas company in the Appalachian and Gulf Coast regions. The deal is expected to close in the second half of the year.MORE NEWS: Hit-And-Run Driver Sought After Killing Woman, Injuring 2 Others On I-30
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