Denbury to Acquire Penn Virginia in $1.7 Billion Transaction
Vinson & Elkins advised Denbury Resources Inc. in its agreement with Penn Virginia Corporation under which Denbury will acquire all of the outstanding common shares of Penn Virginia in a transaction valued at approximately $1.7 billion, including the assumption of debt.
The transaction forms a leading, diversified mid-cap oil producer with top-tier industry margins, strong production growth trajectory and ability to generate significant free cash flow.
The V&E corporate team was led by partners Steve Gill and Jeff Floyd, with assistance from associates Atma Kabad, Alex Robertson, David Bumgardner, Todd Hartis, Keyavash “Key” Hemyari and Madison Guidry. Also advising were partners Lina Dimachkieh, Guy Gribov, David D’Alessandro, Bryan Loocke, Sean Becker, Larry Nettles, Billy Vigdor and Steve Abramowitz.
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