Rosetta Resources Inc. (Nasdaq: ROSE) is buying all of Comstock Resources Inc.’s (NYSE: CRK) oil and gas properties in west Texas, for $768 million.
The assets are located across the Permian Basin in Reeves and Gaines counties.
The buyer, headquartered in Houston, got $700 million in committed financing for the deal.
Comstock plans to direct its business towards drilling in the Eagle Ford shale basin in south Texas. The Frisco, Texas-based company focuses on acquiring and developing oil and natural gas properties.
The deal is expected to close on May 15.
Evercore Partners was Comstock’s financial adviser for the deal, while RBC Richardson Barr acted as Rosetta’s financial adviser.
The deal comes as part of a steady flow in energy deals, including Dynegy Inc.’s (NYSE: DYN) purchase of Illinois power plants from Ameren and natural gas compressor Exterran Partners’ purchase of $174 million in assets from Exterran Holdings Inc. (NYSE: EXH).
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