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Chesapeake Buys Bronco Drilling For $315M

Chesapeake Energy will acquire Bronco Drilling, which provides contract land drilling to oil and natural-gas exploration companies, for about $315 million.

    Chesapeake Energywill acquireBronco Drilling, which provides contract land drilling to oil and natural-gas exploration companies, for about $315 million,The Wall Street Journalreports. Chesapeake has offered to pay about $11 for each Bronco outstanding share.

    Bronco’s biggest shareholders, who hold about 32% stake in the company, will tender their shares to the offer.Johnson Rice & Companyacted as the financial adviser to Bronco, while Chesapeake was advised byJefferies & Company, addsReuters.

    Click here for the story fromThe Wall Street Journal.

    Click here for the additional coverage fromReuters.

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