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 story : Talos Energy to acquire EnVen Energy for .1 billion in cash and stock #FinanceUSA #StockMarketNEWS Talos Energy Inc. said Thursday it has reached agreement to acquire privately held EnVen Energy

@stockMarketNEWS 13 Days ago

Posted in: #FinanceUSA #StockMarketNEWS

Talos Energy to acquire EnVen Energy for .1 billion in cash and stock #FinanceUSA #StockMarketNEWS
Talos Energy Inc. said Thursday it has reached agreement to acquire privately held EnVen Energy Corp. for .1 billion cash and stock. Under the terms of the deal, EnVen shareholders will receive 43.8 million shares and 2.5 million in cash, along with the assumption of EnVen's debt of about million. Once the deal closes, Talos shareholders will own about 66% of the pro forma company, while EnVen owns the remaining 34%. The deal is expected to close by year-end. Talos is expecting the move to add 24 MBoed of production. It will increase production by 40% and gross acreage by 36%. The deal will add 0 million of estimated free cash flow in 2022 and generate at least million in annual run-rate synergies in 2023. "The enhanced cash flow profile will provide us with increased capital allocation optionality, including additional high-impact subsea tie-back opportunities, opportunistic acquisitions, accelerating our low-carbon initiatives and positioning Talos for a potential shareholder return of capital program in the future," Talos CEO Timothy S. Duncan said in a statement. Talos shares jumped 4% premarket on the news and have gained 93% in the year to date, while the S&P 500 has fallen 20%.


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