Par Pacific's Laramie Energy to Sell Oil and Gas Assets for $485M Cash
PARR has more than doubled off its 52-week low of $31.23.
Summary
Par Pacific's subsidiary Laramie Energy has agreed to sell substantially all of its oil and gas assets to a third-party purchaser for $485 million in cash. Par Pacific owns a 46% non-controlling ownership interest in Laramie Energy and expects to receive about $146 million of the transaction consideration. The seller is also eligible to receive potential price-contingent earn-out payments from the purchaser of up to an additional $65 million. Par Pacific Holdings will exit its investment in Laramie Energy. The transaction is subject to customary closing conditions and is expected to close in the coming months.
At the time of this announcement, PARR was trading at $73.94 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3.7B. The 52-week trading range was $31.23 to $87.03. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.