UPDATE 1-Occidental Petroleum to buy CrownRock in $12 bln deal
In this article:
(Adds details on the deal from paragraph 2 onwards)
Dec 11 (Reuters) - Occidental Petroleum said on Monday it would buy Permian basin-based energy producer CrownRock in a cash-and-stock deal valued at $12 billion.
Occidental said it would finance the purchase with $9.1 billion of new debt, the issuance of about $1.7 billion of common equity and the assumption of CrownRock's $1.2 billion of existing debt.
The deal is expected to close in the first quarter of 2024. (Reporting by Sourasis Bose in Bengaluru; Editing by Savio D'Souza and Devika Syamnath)
