US shale specialist Parsley Energy has agreed an all-stock takeover deal for fellow independent Jagged Peak Energy that is estimated to be worth $2.27 billion including debt, write Steve Marshall and Mark Hillier.
Parsley, which is based in Austin, Texas, will gain Jagged Peak’s Delaware basin acreage to complement its existing producing assets in the Permian and Midland basins through the deal, which has been approved by the boards of both companies and is due to close in the first quarter of 2020 subject to shareholder approval.