Oil producer Concho to buy rival RSP Permian for about $8 billion

Oil and gas producer Concho Resources on Wednesday said it would buy smaller rival RSP Permian for an equity value of about $8 billion.

Under the all-stock deal, RSP shareholders will get 0.320 of Concho shares for each stock held, or $50.24 per share — a premium of nearly 29 percent to RSP's close on Tuesday.