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BHP Billiton to Acquire Petrohawk Energy - BHP Billiton is Expanding its Geographical Footprint and Customer Spread - Deal Analysis from GlobalData

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BHP Billiton to Acquire Petrohawk Energy - BHP Billiton is Expanding its Geographical Footprint and Customer Spread - Deal Analysis from GlobalData Summary BHP Billiton Limited (BHP) entered into a definitive agreement to acquire all of the issued and outstanding shares of Petrohawk Energy Corporation (Petrohawk) for a purchase consideration of $15.1 billion, including the assumption of net debt of $3 billion. Barclays Capital Inc. and Scotia Waterous are acting as financial advisors, while Sullivan & Cromwell LLP and Morgan, Lewis & Bockius LLP are acting as legal advisors to BHP for the transaction. The Goldman Sachs Group, Inc. is acting as financial advisor and Simpson Thacher & Bartlett LLP is acting as legal advisor to Petrohawk for the transaction. The acquisition is subject to the terms and conditions, including a majority of the outstanding Petrohawk shares are tendered, the waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired or been terminated and that clearance is obtained from the Committee on Foreign Investment in the US, and other customary conditions. The transaction is expected to close in the third quarter of 2011. The transaction implies deal values of $109,663.1 per barrels of oil equivalent (boe) of daily production and $26.71 per boe of 1P reserves. Scope - Rationale behind BHP Billiton acquiring Petrohawk - Strategic benefits for the companies involved, - Geography covered -The US Reasons to buy - Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in North American industry, - Identify the most lucrative segments to leverage on the growth oppurtunities available in the US' oil & gas market, - Get a detailed analysis of a deal to enable you to take better decisions.

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									          BHP Billiton to Acquire Petrohawk Energy - BHP Billiton is
         Expanding its Geographical Footprint and Customer Spread -
                        Deal Analysis from GlobalData
        Reference Code: GDGE0314M&A                                                                                                         Publication Date: July 2011


        1         Table of Contents
        1 Table of Contents.................................................................1
         1.1 List of Tables .................................................................1
         1.2 List of Figures ................................................................1
        2 BHP Billiton to Acquire Petrohawk Energy...........................2
         2.1 Deal Overview ...............................................................2
         2.2 Deal in Brief ...................................................................2
         2.3 Through the Current Acquisition of Petrohawk, BHP will
              Gain Significant Acreages in Permian Basin,
              Haynesville and Eagle Ford Shale Plays .......................2
         2.4 The Acquisition will allow BHP to Expand its
              Geographic Presence and Customer Base ...................2
         2.5 BHP is Expected to Carry Forward Petrohawk’s
              Development Plans in Permian Basin, Haynesville and
              Eagle Ford Shale Plays .................................................3
         2.6 BHP-Petrohawk Deal is Over-Priced Compared to
              Other Shale Transactions in the US in 2011 .................4
         2.7 Deal Financials and Valuations .....................................5
        3 Appendix ..............................................................................8
         3.1 Methodology ..................................................................8
         3.2 Contact Us.....................................................................9
         3.3 Disclaimer......................................................................9



        1.1       List of Tables
        Table 1: Petrohawk, Debt Offerings Details, 2010–2011 ...........4
        Table 2: The US, E&P Shale Asset Transactions and
                   Acquisitions Details, 2011 ........................................5
        Table 3: Companies Involved ....................................................5
        Table 4: Financials of the Deal ..................................................5
        Table 5: Advisor Information ......................................................6
        Table 6: Target Information .......................................................6
        Table 7: Target’s Financial Information.....................................6
        Table 8: Share Price Information ...............................................6
        Table 9: Company Valuation Multiples ......................................6
        Table 10: Target’s Production and Reserves Information ..........7
        Table 11: Company Valuation Multiples ....................................7
        Table 12: Commodity Prices in $, Last Close ............................7
        Table 13: Acquirer Information ..................................................7



        1.2       List of Figures
        Figure 1:      BHP Billiton Petroleum, Combined Net Risked
                       Resources Post Fayetteville and Petrohawk
                       Acquisitions, MMboe ................................................3




                                                                                                                                                    GDGE0314M&A / JUL 2011
BHP Billiton to Acquire Petrohawk Energy - BHP Billiton is Expanding its                                                                                            Page 1
Geographical Footprint and Customer Spread
                                                                                                     © GlobalData. This report is a licensed product and is not to be photocopied
                                                                               Following the acquisition, BHP will gain operated positions in
                                                                               the three world class resource plays of the Eagle Ford,
        2        BHP Billiton to Acquire Petrohawk                             Haynesville shales, and the Permian Basin. Petrohawk’s assets
                 Energy                                                        cover about one million net acres in Texas and Louisiana
                                                                               (including 325,000 net acres in the Permian basin), with
        2.1     Deal Overview                                                  estimated net production of approximately 950 million cubic feet
        Deal Type:                   Acquisition                               equivalent per day (MMcfe/d), or 158 thousand barrels of oil
                
								
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