OVV

Ovintiv Inc. (DE)

46.00
USD
1.05%
46.00
USD
1.05%
29.52 63.30
52 weeks
52 weeks

Mkt Cap 12.01B

Shares Out 261.08M

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Devon Energy to buy Eagle Ford basin operator Validus for $1.8 bln

Adds details on deal and background on crude prices Aug 9 (Reuters) - Shale producer Devon Energy DVN.N said on Tuesday it will buy Validus Energy, an Eagle Ford basin operator, for $1.8 billion in cash. The deal comes at a time when oil producers are reaping massive benefits from a surge in oil and gas prices as sanctions on major producer Russia following its invasion of Ukraine throttle supply amid a rebound in demand. Hedge fund Elliott Management invested in Validus last year to help it buy assets in Eagle Ford, Texas from Ovintiv Inc OVV.N for $880 million. The deal with Validus would allow Devon to secure 42,000 net acres adjacent to its existing leasehold in the basin. Devon said the deal is expected to close at the end of the third quarter, with an effective date around June 1. (Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli) ((Arunima.Kumar@thomsonreuters.com; Twitter: ;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Aug 2 (Reuters) - Media firm Forbes is exploring a sale of its business at a price of at least $630 million, the New York Times reported on Tuesday, citing four people with knowledge of the process. The publisher of Forbes magazine has tapped investment bank Citigroup to explore the sale of its business after a previous deal to go public fell through, the NYT reported. https://nyti.ms/3BB8xCP Forbes did not immediately respond to a Reuters request for comment. Citigroup declined to comment. In recent weeks, an offering document describing Forbes' financials compiled by Citi has been circulated to companies in the media sector, including Yahoo, according to the NYT report. Forbes generated more than $200 million in revenue and over $40 million in profit in 2021, the report said. In June, Forbes sought to terminate its $630 million deal with former Point72 executive Jonathan Lin-led special purpose acquisition company (SPAC) Magnum Opus to go public. SPAC deals were among the hottest investment trends during the pandemic but the rapid increase in the number of deals has drawn the attention of the Securities and Exchange Commission, which has proposed new rules and additional disclosures from the deal sponsors. (Reporting by Yuvraj Malik in Bengaluru; Editing by Anil D'Silva and Maju Samuel) ((yuvraj.malik@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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