TUWLF - Tullow Oil to buy Capricorn Energy to create $1.8B Africa-focused producer
Tullow Oil (OTCPK:TUWLF) (OTCPK:TUWOY) said on Wednesday it agreed to acquire Capricorn Energy (OTCPK:CRNCY) in an all-stock deal valued at £656.9M ($826.7M), creating an Africa-focused oil producer that could be valued at nearly £1.5B ($1.79B), based on yesterday's closing price. Investors in Capricorn (OTCPK:CRNCY) - formerly Cairn Energy - will receive 3.8068 Tullow (OTCPK:TUWLF) shares for each share they hold, and will own 47% of the combined company, which will be led by Tullow CEO Rahul Dhir; Capricorn CEO Simon Thomson will step down, and CFO James Smith will retain his role in the combined entity. Tullow (OTCPK:TUWLF) operates oil fields in Ghana, which are expected to produce 55K-61K bbl/day this year, and has exploration projects in Ivory Coast, Gabon and Kenya; Capricorn (OTCPK:CRNCY) last year acquired a portfolio of Egyptian assets from Shell, and its guidance for 2022 is 37K-43K boe/day. Tullow forecasts the combined company will deliver $2.4B in
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Tullow Oil to buy Capricorn Energy to create $1.8B Africa-focused producer