BP Plc agreed to buy shale oil and gas fields belonging to global mining company BHP Billiton for $10,5 billion, Reuters reports.

For British BP it will be the biggest deal in almost twenty years. Recently the company also announced quarterly dividends incerase first time in almost four years and shares buyback for $6 billion.

Investors led by hedge fund Elliott Management put pressure on BHP asking to sell shale business, which cost company $19 billion of shareholders funds. As a result, BHP put it on sale last August.

Selling price was higher than analytics expected.

As a result of deal BP oil and gas resources in the US will grow by 57%. According to company's management, it will help boost earnings and cash flow.

BHP shares grew after sale announcement by 2,3%.