Pays 5 bln usd in cash and shares (Il Sole 24 Ore Radiocor) - New York, 08 Jul - The US oil and gas company Devon Energy said that it entered into a definitive purchase agreement to acquire the Williston Basin business of Grayson Mill Energy in a transaction valued at 5 billion dollars, consisting of 3.25 billion dollars of cash and 1.75 billion dollars of stock.

The transaction is expected to close by the end of the third quarter of 2024, it added.

'The acquisition of Grayson Mill is an excellent strategic fit for Devon that allows us to efficiently expand our oil production and operating scale while capturing a meaningful runway of highly economic drilling inventory,' stated Rick Muncrief, Devon's president and CEO. 'This transaction also creates immediate value within our financial framework by delivering sustainable accretion to earnings and free cash flow that will result in higher distributions to shareholders over time.'.

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(RADIOCOR) 08-07-24 19:09:13 (0605) 5 NNNN