Linn Energy LLC (Nasdaq: LINE) plans to buy Berry Petroleum Co. (NYSE: BRY) for $4.3 billion in shares and acquired debt.

The transaction, which is structured as a stock-for-stock merger of Berry with LinnCo followed by the acquisition of the Berry assets by Linn, is expected to be tax-free to Berry shareholders. This transaction represents the first-ever acquisition of a public C-Corp by an upstream LLC or MLP.

Linn management thinks Berry's long-life, low-decline, mature assets are an excellent fit for an MLP/LLC and that the deal should give meaningful ...