Pioneer Natural Resources completed its $4.5 billion buyout of Austin-based Parsley Energy Inc. on Tuesday after shareholders of both companies approved the merger.
That means Parsley will no longer be traded on the New York Stock Exchange, and that the Texas capital has lost one of its few prominent energy headquarters.
Irving-based Pioneer (NYSE: PXD) announced plans to buy Parsley in October. Including Parsley's debt, the deal is valued at about $7.6 billion.
Parsley stock owners will receive 0.1252 shares of Pioneer for each share they had of Parsley.
"We are excited to close our transaction with Parsley and begin delivering on the significant synergies provided by this combination," Pioneer CEO Scott Sheffield said in a statement. "We appreciate the strong support from shareholders and are confident in the tangible and durable value created through this transaction, forming the premier Permian independent energy company."
Read the full story at Dallas Business Journal.