Vanguard Natural Resources and Encore Energy Partners have signed a merger deal, Bloomberg reports. Vanguard will acquire Encore’s 54% stake that it does not already own for about $998 million, as per the agreement.

Encore will become a wholly-owned subsidiary of Vanguard’s operating company Vanguard Natural Gas. Encore’s public unit holders will get 0.72 Vanguard common units in return for each Encore common unit they own. Vanguard will issue about 18.4 million additional common units for the transaction.

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