Energy XXI has completed the acquisition of EPL Oil & Gas (NYSE:EPL) for approximately $2.3 billion, making Energy XXI the largest publicly traded independent operator on the Gulf of Mexico shelf.
The transaction included the assumption of approximately $805 million of EPL debt, net of cash, payment of approximately $1.02 billion in cash, and approximately 23 million common shares of Energy XXI stock.
After closing the transaction, Energy XXI has approximately 93 million shares outstanding (approximately 102 million shares fully diluted).
“This transaction begins a new chapter for Energy XXI,” Chairman and Chief Executive Officer John Schiller said. “With assets that fit together hand-in-glove, along with the additional professionals who have joined our team, we have formed a stronger company focused on delivering value for our shareholders.”
Related: Energy XII to buy EPL for $2.3B