Deal: Ares flips Clayton Williams, securing stake in Noble

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[Context: Clayton Williams Energy (NYSE:CWEI), 35% owned by Ares Management, announced a plan to be acquired by Noble Energy (NYSE: NBL) for $2.7bn in cash and stock. If the deal is successful, Clayton Williams investors will end up with 11% of Noble, which could give Ares around a 3.8% stake.]

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