California Resources Corporation (CRC) , an oil exploration and production company, announced a merger agreement with Aera Energy, LLC, in an all-stock deal valued at $2.1 billion. Details of the Transaction The transaction includes Aera’s net debt and other obligations. Per the terms of the agreement, Aera’s owners will receive 21.2 million shares of CRC’s common stock at closing, which is equivalent to approximately 22.9% of CRC’s fully diluted shares. To facilitate the deal’s closure, expected in the sec ...