Deals - Acquisition, Mergers, Divestitures
PDC Energy Seals $1.3B Acquisition of Great Western Petroleum
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PDC Energy Inc. has completed its acquisition of Great Western Petroleum, LLC, a privately held company based in Denver.
The acquisition was previously announced on February 28, 2022.
The consideration paid was $543 million (less $50 million previously placed into escrow) and approximately 4 million shares of PDC common stock. In addition, the Company paid off the Great Western secured credit facility totaling $235 million and $312 million in principal amount of Great Western's 12% senior secured notes due 2025.
Bart Brookman, President and Chief Executive Officer of PDC, stated, "We are excited to close the Great Western acquisition, which is accretive to our operating, ESG and financial metrics. We look forward to providing the market with updated guidance by early next month as we work to integrate Great Western's operations. I want to thank the Great Western team for their strong focus and commitment to responsible Colorado development. PDC shares this commitment, and we will continue to lead the way in community-focused, environmentally-sound, and efficient operations as we move forward."
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