News Summary: Linn buying Berry for about $2.5B
NEW YORK (AP) — THE DEAL: Oil and gas producer Linn Energy LLC is purchasing drilling company Berry Petroleum Co. for stock worth about $2.5 billion. The companies value the transaction at $4.3 billion, including assumed debt.
THE BENEFIT: Linn said the transaction would broaden its presence in California, the Permian Basin, Texas and the Rockies and boost production by 30 percent. Its estimated proved reserves would increase 34 percent.
CLOSING: The companies' boards unanimously approved the deal, which is expected to close by the end of June. It still needs approval from shareholders.