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Baytex Energy Announces Acquisition of Aurora Oil & Gas
- Client News
- February 6, 2014
Practices
Paul, Weiss client Baytex Energy Corp. (TSX, NYSE: BTE) entered
into an agreement to purchase 100 percent of the shares of Aurora
Oil & Gas Limited (TSX: AEF, ASX: AUT), an Australian oil &
gas company, for AU$4.10 cash per share. The total
consideration to be paid by Baytex is approximately Cdn$1.8
billion, plus assumed debt of approximately Cdn$744 million for a
total transaction value of approximately Cdn$2.6 billion. In
conjunction with the acquisition of Aurora, Baytex entered into a
Cdn$1.3 billion bought deal subscription receipt financing with a
syndicate of underwriters co-led by Scotiabank and RBC Capital
Markets. The financing is subject to customary closing conditions
including receipt of applicable regulatory approvals and is
expected to close on or about February 24. The acquisition of
Aurora gives Baytex access to 22,200 net contiguous acres in the
prolific Sugarkane Field located in South Texas in the core of the
liquids-rich Eagle Ford shale.
The Paul, Weiss team included corporate partner Andrew Foley
and counsel Stephen Centa; tax partner David Mayo; and
environmental counsel William O'Brien.