A special purpose affiliate of Los Angeles-based investment fund TCW plans to acquire membership units of CDX LLC, the parent company of CDX Gas LLC, Express Drilling Systems LLC, CDX Canada and CDX Gas International, for approximately $835 million in cash and other consideration. The purchase is expected to close at the end of March. This transaction will capitalize CDX to permit it to develop its producing and non-producing coalbed-methane and other unconventional gas interests in the U.S. and Canada. CDX currently holds acreage positions in every major North American resource play, a fleet of 17 drilling rigs and an in-house drilling company. UBS Investment Bank was advisor to TCW for this transaction.
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