ExxonMobil has completed its previously announced $2.5bn acquisition of InterOil Corporation.
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This deal was approved by the Supreme Court of Yukon of Canada.
Under the transaction, ExxonMobil acquired all outstanding common shares of InterOil. InterOil shareholders have received 0.5459 shares of ExxonMobil for each InterOil common share in addition to a contingent resource payment.
The acquisition was approved by more than 91% InterOil shareholders at a meeting held this month, reported Petroglobalnews.com.
Following the completion of this acquisition, the common shares of InterOil will be now de-listed from the New York Stock Exchange.
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By GlobalDataExxon Mobil Corporation announced its plans to acquire InterOil for $2.5bn in July last year.
Exxon Mobil Corporation CEO Rex W. Tillerson had then said: “This agreement will enable ExxonMobil to create value for the shareholders of both companies and the people of Papua New Guinea.
“InterOil’s resources will enhance ExxonMobil’s already successful business in Papua New Guinea and bolster the company’s strong position in liquefied natural gas.”
With this deal, ExxonMobil secures access to six InterOil licences located in Papua New Guinea (PNG) that covers an area of approximately four million acres, including PRL 15.
The Elk-Antelope field in PRL 15 is the anchor field for the Papua LNG project.
ExxonMobil has more than 40 years of experience in global LNG business.
Image: ExxonMobil building in Houston, Texas. Photo: courtesy of WhisperToMe / Wikipedia.
