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Harbinger to form joint venture with Exco Resources
November 5, 2012 / 1:25 PM / in 5 years

Harbinger to form joint venture with Exco Resources

(Reuters) - Harbinger Group Inc (HRG.N), the holding company run by billionaire hedge fund manager Phil Falcone, said on Monday it will form a joint venture with Exco Resources Inc (XCO.N), 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.

Reporting By Ernest Scheyder and Michael Erman; Editing by Gerald E. McCormick

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