Parsley Energy Inc. closed its $2.27 billion acquisition of fellow Permian Basin oil and gas producer Jagged Peak Energy Inc. after obtaining approval from its shareholders.
The deal garnered approval from more than 99.5% of votes cast by Parsley shareholders, according to a Jan. 10 news release. Each Jagged Peak common share has been converted into the right to receive 0.447 Parsley class A common share. Jagged Peak's shares are also no longer trading on the New York Stock Exchange.
Parsley appointed former Jagged Peak directors S. Wil VanLoh Jr. and Jim Kleckner to its board. Kleckner also previously served as president and CEO of Jagged Peak.
As a result of the deal, Parsley's Permian Basin position will be about 267,000 net acres, composed of 147,000 net acres in the Midland Basin and 120,000 net acres in the Delaware Basin, the companies said at the time of the deal announcement. Jagged Peak's high-margin, oil-weighted Delaware Basin asset base will also be integrated into Parsley's legacy position.