Talisman Energy and Ecopetrol Agree to Acquire BP Exploration Company (Colombia) Limited
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Started by: abarrelfullabarrelfull
Date: 06 Aug 2010 07:49
Number of posts: 1
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Summary:
Talisman Energy Inc. (TSX:TLM) (NYSE:TLM) and Ecopetrol S.A. have agreed to acquire BP Exploration Company (Colombia) Limited. Talisman will complete its transaction through an indirect wholly owned subsidiary. Talisman and Ecopetrol have reached an agreement to acquire all of the outstanding shares of BP Exploration Company (Colombia) Limited (BPXC), an indirect wholly owned subsidiary of BP plc, for total cash consideration of US$1.9 billion, which includes a working capital adjustment, estimated at approximately US$145 million. Under the terms of the transaction, Talisman will acquire a 49% interest in BPXC for US$858 million (excluding its share of working capital), while Ecopetrol will take the remaining 51% interest. The transaction is expected to close by the end of 2010, subject to Colombian and US regulatory approval and other customary conditions. "This is an exciting opportunity and an excellent fit with Talisman's strategy of long-term profitable growth," said John A
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