SandRidge Energy Inc. said Wednesday it has reached an agreement to acquire Bonanza Creek Energy in a cash-and-stock deal valued at $746 million. SandRidge said it will pay $36 per Bonanza Creek share. The deal will add 67,000 contiguous net acres in the oil window of DJ Basin of Colorado. “SandRidge will benefit from the greatly increased scale and substantial cost and operational synergies as a result of the transaction,” Chief Executive James Bennett said in a statement. The deal is expected to boost cash flow starting in 2018. The deal is expected to close in the first quarter. Both stocks were halted in premarket trade for the news. SandRidge shares have fallen 22% in 2017, while Bonanza Creek has lost 73%. The S&P 500 has gained 15% in 2017.
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