Tulsa’s Citizen Energy is reported to be acquired soon by rival Denver-based privately held oil and gas producer Validus Energy in a more than $2 billion deal.
Officials with neither firm confirmed the sale.
Reports indicated Validus came out on top in the auction over other bidders and the $2 billion deal will include debt. Reuters indicated that Citizen, backed by private equity firm Warburg Pincus, started looking for prospective buyers in recent months after Validus made an offer to buy the firm.
While the firms in question are not talking publicly about the source-backed report by Reuters, it would mark the second big acquisition in recent months for Validus. Earlier this year, the company reportedly reached a nearly $450 million agreement to buy assets from Continental Resources. Again, neither firm responded to requests for comment.
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