Anadarko also will assume abandonment obligations associated with the properties, which had a book value of around $500 million as of June 30. "This immediately accretive, bolt-on transaction strengthens our industry-leading position in the Gulf of Mexico and is a catalyst for the company's oil-growth objectives with quality assets being acquired at an attractive price to create significant value," Anadarko chairman, CEO and president Al Walker said in a statement. The deal is expected to close in the fourth quarter. Freeport-McMoRan doesn't expect to record a material gain or loss on the sale. Anadarko plans to pay for it with a $2 billion stock offering led by JP Morgan Securities Inc. Freeport-McMoRan CEO and president Richard Adkerson said in a statement that the sale brings the company's divestitures this year to more than $6 billion and is part of its commitment to reduce debt and focus on its copper business.