APA to Buy Callon Petroleum in $4.5 Billion Deal

Energy company APA has agreed to buy smaller peer Callon Petroleum in a stock-swap deal valued at about $4.5 billion including debt, continuing a wave of consolidation in the energy sector.

APA on Thursday said it would issue 1.0425 shares, worth $38.31 based on the Wednesday closing price of $36.75, for each share of Callon, offering a nearly 14% premium to Callon’s closing price.