US independent PDC Energy has agreed to acquire privately held Great Western Petroleum in a $1.3 billion deal. Great Western Petroleum operates in the Denver-Julesburg basin in the US state of Colorado, with the purchase set to expand PDC's existing position in the Wattenberg field. As part of the agreement announced this week, PDC will assume approximately $500 million in net debt. The acquisition will be funded through the issuance of 4 million shares of PDC stock and about $543 million in cash. The transaction is scheduled to close in the second quarter of this year.
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