Santos is acquiring Eastern Star Gas for about $777.5 million, The Wall Street Journal reports. The shareholders of Eastern Star will receive 0.06803 Santos share for each of their shares. Santos will also sell 20% of Eastern Star’s permits for $301.5 million to TRUenergy, the Australian unit of CLP Holdings. About $530.8 million will be spent on developing the permits over three years.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Reuters.