BUENOS AIRES, Argentina (AP) -- Argentina's state energy company, YPF, says it has acquired the local operations of Houston-based Apache Corp., making it the largest natural gas producer in the South American country.
A statement from YPF, President Miguel Galuccio says the $800 million deal will increase YPF's hydrocarbon reserves by 14% and its production by 15%.
A statement posted on oil and gas company Apache's website says the deal is worth $852 million -- a cash payment of $800 million plus the assumption of $52 million in debt.
YPF says it made a $50 million deposit Wednesday and will pay the rest over the next 30 days.
Argentina suffers from an energy deficit that forces it to import billions of dollars of fuel a year.
The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.