Apache Completes $800M Merger With Mariner Energy (APA, ME)

Apache Corporation

today announced that it has completed its merger with Mariner Energy

. The merger closed today following its approval by Mariner's stockholders and subsequent completion of documentation. Apache issued approximately 17.5 million shares of its common stock and paid approximately $800 million in cash to Mariner stockholders. Apache also assumed Mariner's debt with current fair value of approximately $1.6 billion. As a result of the merger, former Mariner stockholders own approximately 5 percent of Apache's outstanding shares of common stock. At a special meeting, 79 percent of Mariner's stockholders voted to approve the merger.