Noble Energy will pay about $2.1 billion for Rosetta Resources in an all-stock deal that gives the oil and gas company access to two massive Texas shale formations.
Assets belonging to Rosetta Resources Inc. include about 50,000 net acres in the Eagle Ford Shale and another 56,000 acres in the Permian Basin. Noble Energy Inc. says the deal will immediately boost its per-share production and earnings.
Houston's Noble Inc. says it will pay a portion of its stock valued at $26.62 for each Rosetta share. That's a 38 percent premium to Rosetta's closing price Friday of $19.32.
The boards of directors of both companies have approved the deal, but Rosetta shareholders still must vote on it. The companies expect the deal to close in the third quarter.