BHP Billiton acquires Petrohawk Energy in a US$15.1 billion deal
BHP Billiton has announced the acquisition of US independent Petrohawk Energy. BHP Billiton will pay US$38.75/share - a 65% premium to Petrohawk's closing share price the day before deal announcement. Including debt, the total consideration is approximately US$15.1 billion, making the transaction the largest in the upstream sector since ExxonMobil's acquisition of XTO in late 2009. We value Petrohawk's upstream portfolio at just over US$13 billion (NPV10, discounted to 1 July ...