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Stock Market & Financial Investment News

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February 15, 2013
09:01 EDTHRG, XCOHarbinger Group successfully closes JV agreement with EXCO Resources
Harbinger Group (HRG) announced that its wholly-owned subsidiary, HGI Energy Holdings, LLC, successfully closed, effective February 14, on its previously announced joint venture with EXCO Resources (XCO) to create a private oil and gas partnership. Pursuant to the transaction, the Partnership purchased and will operate EXCOs conventional oil and natural gas assets in West Texas, including and above the Canyon Sand formation, as well as in the Danville, Waskom, Holly and Vernon fields in East Texas and North Louisiana. A definitive agreement to enter into the Partnership was announced on November 5, 2012. Under the terms of the agreement announced on November 5, the Partnership acquired the oil and gas assets from EXCO for approximately $725M of total consideration, which represents HGIs effective equity interest of $372.5 million, $127.5M in oil and gas properties and related assets contributed by EXCO, in each case before giving effect to preliminary closing adjustments described below, and approximately $225M of bank debt. The net cash contributed from HGI was $348.3M reflecting the effect of preliminary closing adjustments and the economic benefits related to the July 1, 2012 effective date. HGI and EXCO intend to opportunistically add incremental cash flow to the Partnership through the acquisition of other mature, conventional assets over time. As the first step in executing this business strategy, effective as of February 14, 2013, the Partnership entered into an agreement to acquire certain conventional oil and natural gas assets in the Danville, Waskom and Holly fields in East Texas and North Louisiana, including and above the Cotton Valley formation, from an affiliate of BG Group plc for $132.5M, subject to customary closing adjustments. These properties represent an incremental working interest in properties that EXCO contributed to the Partnership. This transaction is expected to close in March 2013. The Partnership intends to fund the acquisition using its revolving credit agreement.
News For HRG;XCO From The Last 14 Days
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July 17, 2014
08:09 EDTXCOEXCO Resources initiated with a Market Perform at FBR Capital
Target $6.50.
July 14, 2014
14:43 EDTHRGDISH's Ergen, LightSquared resolve legal dispute, Reuters says
LightSquared, a bankrupt wireless venture owned by Phil Falcones Harbinger Capital Partners, and Dish Network Chairman Charles Ergen have resolved a legal dispute in which LightSquared had accused Ergen of trying to surreptitiously gain control of the company, says Reuters. Reference Link
July 12, 2014
13:05 EDTHRGHarbinger Group sues U.S. over breached LightSquared agreements, WSJ says
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