Deals
Baytex Energy to Acquire Aurora Oil to Add Shale Production
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Baytex Energy Corp. agreed to buy Aurora Oil & Gas Ltd. for C$1.8 billion ($1.63 billion) in cash to expand its U.S. shale portfolio, in the Canadian heavy-crude producer’s biggest purchase.
Holders of Aurora, based in Perth, Australia, will receive A$4.10 ($3.67) a share, Baytex said in a statement yesterday. The deal represents a 56 percent premium to Aurora’s closing price of A$2.62 yesterday, the lowest level since October 2011.