Baytex Energy Corp. BTECA:BTE said Tuesday it agreed to acquire Ranger Oil Corp. ROCC for $2.5 billion, including debt, in a deal to grow its presence in the Eagle Ford Shale in southern and central Texas. Under the terms of the Agreement, Ranger shareholders will receive 7.49 Baytex shares plus US$13.31 cash, for each Ranger common share, for total consideration of approximately $44.36 per share, a premium of $3.05, or 7% over its closing price of $$41.31 a share on Monday. The deal is expected to close in the second quarter. Baytex Energy stock is down 4.4% in 2023, compared to a 3.7% year-to-date rise by the S&P 500 SPX. Ranger Oil is up 2.2% so far this year.
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