A $4.4 billion deal has been announced by Fort Worth-based Range Resources Corp. in its acquisition of Houston-based Memorial Resource Development Corporation.
The all-stock deal is expected to close in the second half of 2016 as Range assumes Memorial’s net debt of $1.1 billion. When the deal closes, Memorial shareholders will own about 31 percent of outstanding RRC shares and will have the right to nominate an independent director from Memorial to a seat on Range’s board, according to a report in the Houston Business Journal.
The acquisition will combine Memorial’s focus on natural gas and oil exploration and development in North Louisiana with Range’s focus on the Appalachian Basin, reported the paper.
As of the end of 2015, Memorial had 484 employees compared to the 744 at Range.