Diversified Energy confirms early talks to buy Birch Resources

(Sharecast News) - Diversified Energy confirmed on Friday that it has had preliminary discussions about a possible acquisition of oil and gas company Birch Resources. Talks are ongoing and remain at an early stage and no agreement has been reached, it said.

It added that there is no certainty any transaction will occur, nor as to the terms on which any transaction might proceed.

"Diversified has an acquisition strategy driven by discipline, focus, skill, and precision," it said. "The company has made 35 acquisitions totalling over $7 billion of value since its IPO in 2017. Acquisitions are a core aspect of the company's strategy, and the company regularly engages in preliminary discussions with potential counterparties in this regard."

The statement came after Bloomberg reported that Diversified was in advanced talks to buy Elliott Investment Management-backed Birch for more than $1.7bn in cash.

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