Encana Buying Newfield for $5.5B

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CBJ — Encana has signed a deal to acquire Newfield Exploration in an all-stock offer for about US$5.5 billion.

As part of the deal Encana will also assume US$2.2 billion of Newfield debt.

The acquisition requires the support of a two-thirds majority vote of Newfield shareholders and a majority vote by Encana shareholders for the deal to be finalized.

It’s estimated that Encana shareholders will own about 64% of the combined entity while Newfield shareholders will own about 36%.

@CanBizJournal

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