Australian mining company BHP Billiton will acquire Petrohawk Energy Corporation in a $12.1 billion cash deal that will give BHP access to lucrative Texas and Louisiana shale resources.

Petrohawk shareholders will receive $38.75 per Petrohawk share. Melbourne-based BHP will also assume $3 billion in Petrohawk debt when a tender offer commences by July 25, bringing the deal’s total value to $15.1 billion. The transaction is expected to close in the third quarter.