Deals
Caracal Energy to Acquire TransGlobe to Add Assets in Egypt
This article is for subscribers only.
Caracal Energy Inc., a Canadian oil producer operating in Chad, agreed to buy TransGlobe Energy Corp. for about C$696.2 million ($626.9 million) in stock to expand into Egypt.
Caracal will pay 1.23 shares for each share of Calgary-based TransGlobe, the companies said in a joint statement late on March 15. The agreement values TransGlobe stock at C$9.32, an 11 percent premium to its closing price on March 14. TransGlobe has 74.7 million shares outstanding, according to its statement.