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Saturday
24 Aug 2024

Canada’s Gran Tierra Energy to Acquire British Oil, Gas Producer I3 Energy for $225 Million

24 Aug 2024  by worldoil   

Gran Tierra Energy has announced plans to acquire i3 Energy plc in a cash and share deal valued at $225 million.

The transaction, which will be executed through a court-sanctioned scheme, involves Gran Tierra offering 10.43 pence in cash per i3 Energy share and one Gran Tierra share for every 207 i3 Energy shares.

i3 Energy shareholders will also receive an additional dividend of 0.2565 pence per share. After the acquisition, i3 Energy shareholders will own up to 16.5% of Gran Tierra.

The deal is set to create a larger, more diversified energy company with a stronger presence across the Americas. It will enhance Gran Tierra's production and reserves while expanding its geographic and product diversity.

Gran Tierra aims to leverage this acquisition to boost shareholder value, optimize capital allocation, and enhance trading liquidity. The combined entity will have a significant footprint in Colombia, Canada, and Ecuador.

Completion of the deal will lead to the delisting of i3 Energy shares from the AIM market of the London Stock Exchange and the TSX. Gran Tierra will also explore further opportunities for consolidation and growth, utilizing its strengthened balance sheet and extensive drilling inventory.


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