HUGE Utica News: EOG Resources Buys Encino Energy for $5.6 Billion

In February, MDN brought you the rumor that Canadian pension fund CPP Investments, the majority owner of Encino Acquisition Partners (aka Encino Energy), was considering either a sale of the company or possibly an initial public offering (see Shocker: Encino Energy Considers Sale or Possible IPO for $7B). The rumor was right. On Friday, EOG Resources, Inc. announced an agreement with Canada Pension Plan Investment Board (CPP) and Encino Energy under which EOG will acquire Encino Acquisition Partners (EAP) for $5.6 billion, inclusive of EAP's net debt. EOG expects to fund the acquisition through $3.5 billion of debt and $2.1 billion of cash on hand.

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