Market Chatter: Devon Energy Reportedly Close to Buying Blackstone-Supported GeoSouthern - DVN Up 5% 11/19 12:02 PM
03:02 PM EST, 11/19/2013 (MT Newswires) -- Devon Energy Corp. (DVN:$62.50,00$2.71,004.53%) is up 5% late in Tuesday's trading session, holding close to its 52-week high of $66.92. The oil-and-gas concern is reportedly close to a deal to buy GeoSouthern Energy Corp. for about $6 billion.
A deal could be announced Wednesday, the Wall Street Journal reports, citing unnamed sources familiar with the talks. Closely held GeoSouthern is an oil-and-gas exploration company focusing on the Eagle Ford shale formation in south Texas. Private-equity firm Blackstone Group (BX:$26.53,00$-0.81,00-2.96%) is an investor in GeoSouthern.
Price: 62.75, Change: +2.96, Percent Change: +5
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