Harbinger to form joint venture with Exco Resources

Mon Nov 5, 2012 8:23am EST

Nov 5 (Reuters) - Harbinger Group Inc, the holding company run by billionaire hedge fund manager Phil Falcone, said on Monday it will form a joint venture with Exco Resources Inc , paying $372.5 million for a 75 percent stake in the company's conventional oil and natural gas assets.

Harbinger said Exco will contribute $172.5 million worth of oil and gas properties to the joint venture.

The joint venture will also have $225 million of bank debt.