Argentina's YPF buys Apache Corp (APA) for $800m plus debt

Canadian Press, The Canadian Press
1 Comment| February 12, 2014


BUENOS AIRES, Argentina - Argentina's state energy company YPF (NYSE:YPF, Stock Forum) says it has acquired the local operations of Houston-based Apache Corp. (NYSE:APA, Stock Forum), making it the largest natural gas producer in the South American country.
 
A statement from YPF President Miguel Galuccio says the $800 million deal will increase YPF's hydrocarbon reserves by 14 per cent and its production by 15 per cent.
 
A statement posted on oil and gas company Apache's website says the deal is worth $852 million - a cash payment of $800 million plus the assumption of $52 million in debt.
 
YPF says it made a $50 million deposit Wednesday and will pay the rest over the next 30 days.
 
Argentina suffers from an energy deficit that forces it to import billions of dollars of fuel a year.


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marginedout
At least the Argies didn't just steal it this time.
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February 12, 2014
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