Linn Energy LLC, which buys older oil and natural gas fields, agreed to purchase Berry Petroleum Co. for $2.42 billion in stock to increase its proved reserves by 34 percent.

Berry shareholders will get 1.25 shares of publicly traded LinnCo LLC, a corporation whose only assets are units of Linn Energy, according to a joint statement released today. That values Berry at $46.24 a share, a 20 percent premium to yesterday’s closing price. LinnCo will sell the Berry assets toLinn Energy in exchange for additional partnership units.

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