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Encana Corp. Acquiring Athlon Energy for $5.93 Billion In Cash

Encana Corp., Canada’s largest natural gas producer has agreed to acquire Athlon Energy for $5.93 billion in cash. The deal helps Encana further its plan to focus more on oil and natural gas liquids. The deal gives the firm 140,000 acres in the oil rich Permian Basin in Texas, which adds another region to the six shale fields Encara has invested in. Apollo Global Management was one of the initial investors in Athlon Energy and stands to receive a big payday from the deal because of the 30% stake they own in Athlon. Encana is buying Athlon for $58.50 a share, which is a 25% premium over its closing price on Friday.