Oklahoma-based Chesapeake is adding another 22 drilling rigs to its stable through the deal announced on Friday.
The acquisition is part of NYSE-quoted Chesapeake's plan to bring around two thirds of rigs it operates under direct ownership, the bourse statement explained.
News of the deal sent Bronco's share price soaring almost 8% in early trading on the Nasdaq on Friday while Chesapeake's shares were up almost a single percent.
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