(MENAFN) Spanish oil giant Reposal has decided to buy its struggling Canadian rival Talisman for USD8.3 billion, a deal that will extend its global reach, AFP reported.
Under the deal, which was approved by Reposl's board, the Spanish firm will also assume Talisman's debt of USD4.7 billion, it said.
The company said it will increase its output by 76 percent to 680,000 barrels of oil equivalent per day with the acquisition of Talisman, one of Canada's largest independent oil and producers.
The new firm that emerges will be "among the 15 largest privately owned oil and gas companies in the world", Repsol added.
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