As part of a definite agreement, Houston-based Noble will acquire all of Clayton Williams’ outstanding common stock for roughly 55 million shares of Noble stock and $665 million in cash. Based on Noble’s closing stock price as of Jan. 13, the value of the transaction is about $3.2 billion, including the assumption of nearly $500 million in net debt.
The acquisition of Clayton Williams includes 71,000 highly contiguous net acres in the core of the Southern Delaware Basin plus an additional 100,000 net acres in other areas of the Permian. Clayton Williams’ Delaware acreage is located in Reeves and Ward counties in West Texas, directly adjacent to Noble’s existing 47,200 net acres.
As a result of the combination, Noble will become the second-largest acreage holder in the Delaware Basin with nearly 120,000 net acres in the Delaware core, said David L. Stover, the company’s chairman, president and CEO.
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