Benzinga | Oct 20, 2020 04:13PM EDT

Pioneer Natural Resources Announces Agreement To Acquire Parsley Energy For $4.5B In All-Stock Transaction; Parsley Shareholders To Receive A Fixed Exchange Ratio Of 0.1252 Shares Of Pioneer Common Stock For Each Share Of Parsley Common Stock Owned

Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") and Parsley Energy, Inc. (NYSE:PE) ("Parsley") today announced that they have entered into a definitive agreement under which Pioneer will acquire all of the outstanding shares of Parsley in an all-stock transaction valued at approximately $4.5 billion as of October 19, 2020. Under the terms of the agreement, Parsley shareholders will receive a fixed exchange ratio of 0.1252 shares of Pioneer common stock for each share of Parsley common stock owned. The total value for the transaction, inclusive of Parsley debt assumed by Pioneer, is approximately $7.6 billion.