Australia: Norton Rose Fulbright advises Baytex in its C$2.6 billion scheme acquisition of Aurora Oil & Gas Ltd
Last Updated: 13 February 2014

A cross border team from Norton Rose Fulbright advised Baytex Energy Corp. (TSX, NYSE: BTE) on its proposed acquisition of Aurora Oil & Gas Limited (TSX: AEF, ASX: AUT).

Baytex has this morning entered into a scheme implementation deed to acquire 100% of the shares of Aurora for A$4.10 cash per share via scheme of arrangement. Baytex announced at the same time a $1.3 billion bought deal equity capital raising and an increase in its credit facilities.

As a result of the acquisition Baytex will acquire premier acreage in the core of the Eagle Ford, one of the leading shale oil plays in the U.S.

Jeremy Wickens of Norton Rose Fulbright in Perth led negotiations for the acquisition and Michael Irvin of Norton Rose Fulbright in Houston led the team advising on Aurora's Texas-based assets.

The total consideration to be paid by Baytex is approximately C$1.8 billion, plus assumed debt of approximately C$744 million for a total transaction value of approximately C$2.6 billion.

The proposed scheme is subject to the usual conditions including approval from Aurora shareholders, Australian Foreign Investment Review Board and the Hart Scott Rodino statutory process. If all approvals are received, it is expected that the scheme will be implemented in late May 2014.

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