Harbour Energy to Acquire LLOG Exploration for $3.2 Billion (1)

Harbour Energy Plc agreed to acquire LLOG Exploration Co. for $3.2 billion, marking the UK company’s entry into the deepwater US Gulf of Mexico.

The transaction comprises $2.7 billion in cash and $500 million of Harbour’s voting shares, it said Monday. The deal establishes another core business unit alongside Norway, the UK, Argentina and Mexico.

The London-based company, one of the largest producers in the UK North Sea, has been adding operations abroad as fields at home go into decline and the government sticks to a punishing windfall tax. Two years ago it agreed to buy Wintershall Dea AG assets ...