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EOG Resources (EOG) Stock Higher, Buying Yates in $2.5 Billion Deal

NEW YORK (TheStreet) -- Shares of EOG Resources (EOG) were increasing in pre-market trading on Tuesday after the company said it would acquire privately-held Yates Petroleum and some of its subsidiaries and other entities in a deal valued at $2.5 billion.

Under the terms of the transaction, EOG will issue 26.06 million shares of common stock valued at $2.3 billion and pay $37 million in cash, subject to certain closing adjustments and lock-up provisions.

EOG will assume $245 million of Yates debt and $131 million of anticipated cash from Yates at closing.

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