El Paso, Sonat ink $6 billion merger deal

El Paso-Sonat Combined Assets [166,419 bytes] El Paso Energy Corp., Houston, and Sonat Inc., Birmingham, Ala., have signed a definitive merger agreement, creating a U.S. natural gas powerhouse with a total enterprise value of more than $14 billion. The proposed deal is valued at an estimated $6 billion, including the assumption of $2 billion in Sonat debt. It involves a 1-for-1 stock swap and will be accounted for on a pooling-of-interests basis. It is expected to close in the third or fourth quarter of this year. If approved, the transaction will create a firm with a broad range of assets in interstate and intrastate gas transmission, gas gathering an...

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