BG Group has announced the closing of the upstream and midstream acquisitions as part of the previously announced alliance with EXCO Resources Inc.
After closing adjustments to make the economic effective date of the upstream acquisition and joint development operations January 1, 2009, consideration for the upstream portion of the alliance is US $1 127.0m. This consists of US $727.0m plus US $400m to be paid as a carry of 75% of EXCO's future costs to develop the Haynesville shale gas. Following similar closing adjustments, the consideration paid for the midstream portion of the alliance is US $269.2m.
Under the terms of the alliance, BG Group has:
Both the midstream and upstream transaction were granted regulatory approval by the Federal Trade Commission on July 17.
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