On April 15, 2010 Apache Corp. (NYSE: APA) acquired Mariner Energy Inc. (NYSE: ME) for $2.7 billion.
Shareholders of Mariner would receive 0.17 of an Apache share and $7.80 in cash for each share owned. Apache would also assume $1.2 billion in debt from Mariner in the deal that could be completed in the third quarter.
"This is a strategic step and a natural extension into the deepwater Gulf for Apache," said G. Steven Farris, Apache's chairman and chief executive officer. "Mariner provides an exciting new platform for growth in the deepwater and complements our strengths in the Gulf Shelf and the Permian Basin. Based on our experience working with the Mariner team, we also believe the two companies will make an excellent cultural fit."
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