Magnolia to Acquire WildFire Energy for $4.1 Billion

MGY Magnolia Oil & Gas Corp

$24.16 +1.60%

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1. 1Magnolia Oil & Gas (MGY) has agreed to acquire private operator WildFire Energy for approximately $4.06 billion.
2. 2The deal adds 810,000 net acres in the Giddings area, pushing its total footprint past 1.25 million acres, and the acquired assets are currently producing about 53,000 barrels per day (roughly 70% oil).
3. 3Consideration will be funded through the issuance of 32.2 million new shares and the assumption of $600 million in debt, with the transaction expected to close in the third quarter; the company also announced a 9% increase in its quarterly dividend to $0.18 per share.

Source Oilprice.com +2 · View original ↗

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