PXD - Pioneer Natural Resources inks $7.6B deal for Parsley Energy

As rumored last night, Pioneer Natural Resources (PXD) has agreed to purchase Parsley Energy (PE) in an all-stock deal valued at about $4.5B. Adding debt to be assumed by Pioneer brings the value to $7.6B. The deal price works out to a 7.9% premium to Parsley's closing share price on Oct. 19.Parsley owners are to receive 0.1252 shares of Pioneer common stock for each share of Parsley they hold.Annual synergies of $325M are seen, and the deal is expected to be accretive to cash flow per share, free cash flow per share, EPS, and corporate returns, beginning in year one.The combined company will have about 930K net acres in the Permian basin, and a production base of 328K barrels of oil per day, and 558K barrels of oil equivalent per day.A conference call begins at 4:45 PM ET.Source: Press ReleaseThere's no after hours action of note, but Parsley already closed higher

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Pioneer Natural Resources inks $7.6B deal for Parsley Energy