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(Image courtesy of Breitburn Energy Partners)

Houston-based Breitburn Energy Partners and QR Energy announced Thursday the signing of a merger agreement for Breitburn to acquire QR Energy for $3 billion.

The deal was unanimously approved by the boards of directors of QR Energy and Breitburn.

The expected close date of the transaction is late 2014 or early 2015, subject to regulatory approvals.

After the closing, Breitburn will have an enterprise value of around $7.8 billion.

The combined company will produce 57,300 boepd.