Deals - Acquisition, Mergers, Divestitures
PDC Energy Completes $1.7B Acquisition of SRC Energy
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PDC Energy, Inc. has completed its acquisition of SRC Energy Inc.
The deal was valued at approximately $1.7 billion, including SRC's net debt of approximately $685 million.
The deal was approved by PDC stockholders and SRC shareholders at special meetings held on January 13, 2020.
Bart Brookman, President and Chief Executive Officer of PDC stated "Today is a pivotal day for PDC as we have completed the merger of these two companies, both of which are grounded in strong core values and a shared commitment to responsible and safe operations. This merger will give the combined company incredible financial strength and flexibility, highlighted by low leverage and an industry-leading cost structure, as well as a business plan capable of delivering sustainable free cash flow to return significant capital to shareholders."
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