Energy holdings to acquire ventura offshore in $1 billion merger
"Cyprus-based Energy Holdings has agreed to acquire deepwater drilling contractor Ventura Offshore in a $1 billion all-share transaction aimed at boosting cash generation and shareholder growth. Following the merger, the combined entity plans to delist from Oslo to explore a potential US dual-listing and IPO."
EU Directive 2019/790 Article 15 Attribution • Verified Energy Document
Cyprus-based Energy Holdings, an oil and gas company, has reached an agreement to acquire deepwater drilling contractor Ventura Offshore. This strategic move aims to establish a more robust platform for cash generation, shareholder distribution, and future growth, as announced by the Oslo-listed companies on Friday.
Under the terms of the agreement, Ventura shareholders are set to receive 605 million shares in Energy Holdings. This transaction would result in a pro forma equity value of approximately $1 billion for the newly combined entity, calculated based on Energy Holdings’ most recent closing price and the maximum number of shares slated for issuance.
Ventura CEO Guilherme Coelho stated that the deal would provide Ventura shareholders with exposure to a larger and more diverse portfolio of cash-generating businesses. Both Mr. Coelho and Energy Holdings CEO Kurt Waldeland are expected to retain their current leadership positions. Following the acquisition, Ventura Offshore will be delisted from Oslo Euronext Growth.
Mr. Waldeland indicated that the new board of Energy Holdings intends to explore the possibility of a dual-listing and an initial public offering (IPO) in the United States for the consolidated group.