Talos Energy signed a deal to acquire Stone Energy, in late November 2017. The merger will result in the creation of a new offshore-focused exploration and production company, named Talos Energy Inc, which will be focused on E&P activity in the US Gulf of Mexico. The merger has been unanimously approved by the board of directors of the two companies. Each outstanding share of Stone common stock will be exchanged for one share of Talos common stock and the current Talos stakeholders will be issued an aggregate of ~34.2 million common shares. Talos will have an initial equity market capitalisation of ~US$ 1.9 billion and an enterprise value of ~US$ 2.5 billion. James M. Trimble, Stone's Interim Chief Executive Officer and President, said in a statement: "I want to thank our employees for their focus and dedication in positioning Stone for this important transaction. The team's management of Stone's assets and business in a safe and environmentally responsible manner will continue our success for the combined shareholder base. The combined company will be strategically positioned to drive meaningful production growth through complementary acreage positions. We look forward to this partnership with Tim and the Talos team." The transaction is anticipated to close in late Q1/early Q2 2018.
Not Found