AL MIRQAB AGREES TO $1.55 B
A subsidiary of Qatari investment fund Al Mirqab Capital SPC said Wednesday it had reached an agreement to acquire oil explorer Heritage Oil PLC for around £924 million ($1.55 billion).
The £3.20 a share offer was made through Energy Investment Global Ltd., a subsidiary of the fund that is owned by Qatar's Sheikh Hamad Bin Jassim Bin Jabor Al Thani.
The offer price is a 25% premium to the closing price of Heritage's shares on Tuesday.
The acquisition of Heritage will give Al Mirqab access to producing assets onshore in Nigeria and international exploration assets. Al Mirqab will fund the acquisition with its own cash resources.
For Heritage the deal will provide funding for exploration assets including, most recently, its new licenses in Papua New Guinea.
Michael Hibberd, chairman of Heritage's board and of the independent committee of directors, said it believes the offer is attractive and would recommend it to shareholders.
Heritage's chief executive and largest shareholder Anthony Buckingham will retain a 20% stake in the company for at least five years and will serve as an adviser to Heritage for a minimum of five years, a statement from Al Mirqab said.
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