Repsol Reaches $8.3 Billion Deal To Buy Talisman Energy

Repsol SA has reached an agreement to buy Canadian oil group Talisman Energy Inc. , in a deal worth $8.3 billion plus debt, the Spanish company said in an announcement Tuesday. The transaction has been unanimously approved and recommended by the boards of both companies. The deal marks the biggest international deal by a Spanish company in the last five years, and will turn Repsol into one of the largest global energy groups. Repsol said the deal will allow it to increase its output 76% to 680,000 barrels of oil equivalent per day and will boost reserves by 55% to more than 2.3 billion barrels of oil equivalent. Talisman will contribute producing and exploration assets in North America (Canada and U.S.), South-East Asia (Indonesia, Malaysia and Vietnam) as well as Colombia and Norway, among others.