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Stock Market & Financial Investment News

News Breaks
February 15, 2013
09:01 EDTXCO, HRGHarbinger 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 EXCO’s 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 HGI’s 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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November 26, 2014
09:22 EDTHRGLeucadia raises stake in Harbinger Group to 23.2%
Leucadia (LUK) disclosed in a filing that on November 25 the company entered into a Stock Purchase Agreement with Harbinger Capital Partners and Harbinger Capital Partners II pursuant to which Leucadia will purchase from the sellers or investment funds managed by the sellers an aggregate of 5M shares of Harbinger Group (HRG) common stock at a price of $12.90 per share, excluding a 7.5c per share commission to be received by Leucadia’s brokerage subsidiary.
November 25, 2014
15:39 EDTHRGLeucadia stake in Harbinger up to 22%, Bloomberg says
Harbinger Group's (HRG) largest shareholder Leucadia (LUK), has increased its stake in the firm by an additional 5M shares, says Bloomberg, citing a person with knowledge of the matter. The most recent share purchase increases Leucadia's stake in Harbinger Group to approximately 22%, added Bloomberg. Reference Link
09:32 EDTHRGHarbinger Group chairman, CEO Falcone to resign
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November 21, 2014
08:33 EDTHRGHarbinger Group reports Q4 EPS (3c) vs. ($1.45) last year
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