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UK shale gas company IGas buys Australia's Dart Energy

Reuters - UK Focus

LONDON, May 9 (Reuters) - British shale gas explorer IGas has agreed to buy Australia's Dart Energy in an all-share transaction valuing the company at 117 million pounds, a deal that will create Britain's largest shale gas company.

Dart's shareholders have indicated their support for the deal which is expected to conclude by September, IGas said in a statement on Friday.

"The transaction further strengthens our position financially, operationally and also significantly increases our licenced acreage as we seek to unlock the untapped energy resource that exists in Britain," said IGas chief executive Andrew Austin.

IGas and Dart Energy have UK shale gas farm-in agreements in place with French energy companies Total (NYSE: TOT - news) and GDF Suez (TLO: GAZ-U.TI - news) , respectively. (Reporting by Karolin Schaps, Editing by Paul Sandle)