Whittier Energy Agrees to $145M Takeover

Whittier Energy Agrees to $145M Takeover

Oil and gas company Whittier Energy Corp. said Friday it agreed to be acquired by U.K.-based Sterling Energy PLC for $11 per share, or about $145 million, confirming an earlier report.

Sterling will also assume approximately $43 million of the company’s net liabilities, Whittier added.

Both companies’ boards have approved the deal unanimously. It is expected to close in the first quarter.

Whittier’s shares jumped $1.20, or 13.8 percent, to $9.93 in premarket trading.

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