Parsley Energy to buy Jagged Peak Energy for $1.62 bln

Oil and gas producer Parsley Energy Inc said on Monday it would buy Jagged Peak Energy Inc in an all-stock deal valued at about $1.62 billion.

Jagged Peak shareholders will receive 0.447 shares of Parsley Class A common stock for each share held, the company said.

The offer translates to $7.59 per Jagged Peak share based on Parsley stock's closing price on Friday.

Reporting by Arundhati Sarkar