Announced
Financials
Tags
Cross Border
Friendly
Integrated Oil and Gas
Public
Acquisition
Majority
Single Bidder
oil and gas exploration
Canada
Pending
Synopsis
VAALCO, an independent energy company, agreed to acquire TransGlobe, an independent internationally focused oil exploration and production company, for $307m. “This transformational transaction is consistent with VAALCO’s strategic growth objectives of expanding our African footprint and providing an enlarged platform to deliver long-term, sustainable value for our stockholders. The respective portfolios complement one another well and result in a diverse, full-cycle asset base which materially increases our production, more than doubles our reserves, and significantly enhances our ability to generate meaningful cash flow. Just as important, this combination results in a financially stronger company with no net debt, significant cash on the balance sheet and the size and scale to better fund and execute on a robust set of organic opportunities while delivering accretive long-term growth objectives," George Maxwell, VAALCO CEO.
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