On Friday the Korea National Oil Corporation announced that it had reached an agreement to purchase Harvest Energy Trust, an oil and gas concern based in Alberta, Canada. KNOC is paying a total of $3.9 billion for Harvest, its first big oil buy in the country.
The purchase price is a combination of cash and debt assumption. KNOC has agreed to pay a total of $1.7 billion to Harvest’s shareholders, a premium of 47 percent over the share price before the deal’s announcement, according to The Wall Street Journal. KNOC also will assume Harvest’s $2.15 billion in debt.
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