Apache Corp. has completed its $2.7 billion merger with Mariner Energy Inc. after 79% of Mariner shareholders approved the deal. In completing the transaction, Apache issued around 17.5 million shares of its common stock and paid $800 million in cash to Mariner stockholders (see Daily GPI, April 16). Apache also assumed Mariner's debt with current fair value of about $1.6 billion. Former Mariner stockholders now own about 5% of Apache's outstanding shares of common stock. The Mariner transaction, combined with its $1.05 billion purchase of Devon Energy Corp.'s Gulf of Mexico assets (see Daily GPI, April 13), as well as its subsequent $7 billion acquisition of BP plc upstream assets (see Daily GPI, July 21), "will provide Apache with a rich inventory of growth and value-enhancement opportunities for years to come," said CEO G. Steven Farris. "The Mariner merger also adds a new dimension to our portfolio -- deepwater oil exploration."
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