Notable Mergers and Acquisitions of the Day 4/3 (XTO/SWN, PCR, PCX)

April 3, 2008 9:40 AM EDT

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• XTO Energy Inc. (NYSE: XTO) has entered into a definitive agreement to acquire producing properties, leasehold acreage and gathering infrastructure from Southwestern Energy Company (NYSE: SWN) for about $520 million. The purchase includes 55,631 net acres of Fayetteville Shale leasehold and expands XTO's position in the shale play to more than 300,000 net acres.
  
  The acquisition is scheduled to close on or before May 5, 2008. Funding is expected to be provided through a combination of cash flow and commercial paper borrowings. The final closing price is subject to typical closing and post-closing adjustments.
  
  
• Perini Corporation (NYSE: PCR) today announced that it has signed a definitive agreement with Tutor-Saliba Corp., a privately-held company, to combine in order to create the premier publicly-traded general contractor in the United States and overseas.
  
  The deal will be structured s a tax-free, all-stock merger. Under the agreement, Tutor-Saliba shareholders will receive shares equal to approximately 45% of the common stock of Perini in exchange for their interests in Tutor-Saliba. The total transaction is valued at about $862 million based on Perini's closing price of $38.10 on April 1, 2008, including assumed adjusted net cash of Tutor-Saliba as of December 31, 2007.
  
  The transaction is expected to close during the Q308 and is expected to be accretive to EPS beginning in the first full fiscal year of combined operations.
  
  
• Patriot Coal Corporation (NYSE: PCX) today announced that it has signed an agreement to acquire Magnum Coal Company in a stock transaction, valued at approximately $709 million (based on Patriot's closing price today, April 2).
  
  Under the terms of the agreement, Magnum stockholders will receive approximately 11.9 million shares of newly-issued Patriot Coal common stock. Additionally, Patriot will assume net debt estimated at $150 million. While bridge financing has been arranged, the Company expects to have permanent financing in place by closing. The acquisition is subject to certain regulatory approvals, approval by Patriot stockholders and customary closing conditions. The proposed transaction is expected to be completed around mid-year.
  

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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