Spanish energy company Repsol says it is buying Canadian oil firm Talisman Energy for $8.3 billion and that the combined company will be among the 15 largest privately owned oil and gas companies in the world.
Repsol S.A. said Tuesday Talisman's incorporation will increase Repsol's output by 76 percent to 680,000 barrels of oil equivalent per day, and boost reserves by 55 percent.
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The company said the deal has been approved by the boards of both companies.
Repsol said it would also take on $4.7 billion of Talisman debt.
The group will be present in more than 50 countries with over 27,000 employees.
Repsol's shares were down nearly 3 percent at 15.3 euros in early trading in Madrid.