Newfield Exploration signed an agreement to acquire EEX Corp. in a $640 million transaction, including the assumption of debt, net of cash, and other existing obligations. The boards of both Newfield and EEX approved the merger agreement, and the board of EEX recommended its shareholders approve the transaction. Newfield plans to issue approximately 7.1 million shares in the transaction, or approximately 12.4% of Newfield's outstanding common stock, following the close of the transaction. Newfield will also assume about $360 million in EEX debt and existing obligations. The transaction is expected to close in the third quarter of 2002.
