Acquires ~5% of 3R Petroleum
Yesterday after close, Maha Energy (commissioned) announced that it has acquired 5% of the Brazilian oil and gas company 3R Petroleum for a total consideration of USD 69m. 3R Petroleum is a listed and Brazilian focused E&P company with a focus on redevelopment of mature production fields located both onshore and offshore. Based on the latest share price in 3R, the transaction seems to have been completed at a 3-4% premium. The acquisition will be conducted in two steps. In the first step Maha has entered into a derivative instrument giving economic exposure to 5% of 3R Petroleum. Subsequently and as a second step, Maha intends to replace the derivative instrument with a direct equity interest in 3R.
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