Diversified Closes $377MM Oaktree Acquisition
Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
377MM
Description
Diversified Energy has closed its acquisition of working interests in Oklahoma, East Texas and Louisiana from Oaktree Capital Management, according to a June 7 press release.
The deal was announced in March with a $410 million price tag. Diversified paid $377 million after customary purchase price adjustments, the company said.
Diversified will also pay $83 million in deferred cash payments to Oaktree and assume approximately $120 million of debt.
The acquired assets have proved developed producing reserves of 510 Bcfe and a current net production of 122 MMcf/d.
The acquisition grows Diversified’s scale, margins and free cash flow, Diversified CEO Rusty Hutson Jr. said in the deal’s closing announcement.