SandRidge Energy To Acquire Bonanza Creek Energy In $36 Per Cash-and-stock Deal

(RTTNews) - SandRidge Energy (SD) Wednesday said it has agreed to acquire Bonanza Creek Energy (BCEI) for $36 per share in cash and stock. The consideration consists of $19.20 in cash and $16.80 of SandRidge shares for each Bonanza Creek share. The deal represents a 17.4 percent premium to Bonanza Creek's closing price as of November 14. SandRidge expects the acquisition to be accretive to cash flow per share.

As per the agreement, the combined SandRidge-Bonanza Creek will operate over 630,000 net acres focused in the Rockies and Mid-Continent, producing approximately 55,000 Boepd, as of September 30, 2017.

The transaction is expected to close in the first quarter of 2018.