Oil gas firm Medco Energi Internasional (MEDC) targets the acquisition of Ophir Energy to be completed in the second quarter (Q2) of 2019. The acquisition is considered to be a good step because the company will obtain a portfolio of assets that complement each other, increase scale, diversify, and provide growth that is beneficial to stakeholders.
On March 26, British energy producer, Ophir Energy Plc finally agreed on MedcoEnergi offers, after months of negotiations. The acquisition value agreed is 57.5 pence for each share, higher than what it was previously proposed.
The increased offer values the entire issued and to be issued share capital of Ophir at approximately £408.4 million (US$310.38 million), according to the official statement. The acquisition is expected to strengthening both countries position in Southeast Asia. Ophir has some assets in Indonesia, Thailand, Myanmar, Malaysia, and else.
But it remains subject to other conditions, including the receipt of clearances from the relevant authorities in Tanzania. Moreover, Ophir will not be losing all or substantially all of its Bualuang interests in Thailand.