From Financialpost · · 1m 10s
Gran Tierra Energy Stockholders Approve Colombian and Ecuadorian Sale
Gran Tierra Energy stockholders approved selling Colombian and Ecuadorian businesses to Maurel & Prom for $1.33 billion, targeting December 31, 2026 closing.
In brief
Gran Tierra Energy stockholders approved selling Colombian and Ecuadorian businesses to Maurel & Prom for $1.33 billion, targeting December 31, 2026 closing. Gran Tierra Energy stockholders approved selling Colombian and Ecuadorian businesses to Maurel & Prom for $1.33 billion, with closing expected by December 31…
Stockholder Approval
Gran Tierra Energy stockholders approved selling Colombian and Ecuadorian businesses to Maurel & Prom for approximately US$1.33 billion.
Sale Terms
The sale includes debt assumption and is subject to adjustment, with total consideration of approximately US$1.33 billion.
Expected Cash Proceeds
Gran Tierra expects to receive approximately US$315 million net cash proceeds from the sale.
Payment Schedule
Approximately US$250 million payable at closing and US$65 million payable 364 days later.
Closing Timeline
Gran Tierra targets closing the sale on or about December 31, 2026, pending regulatory approvals.
CEO Statement
Gary Guidry, CEO, stated stockholder approval moves Gran Tierra closer to closing a transaction that will make the company debt-free.
Post-Sale Focus
After the sale, Gran Tierra will focus on Canadian and Azerbaijan operations, pursuing new growth opportunities.
The short version
Gran Tierra Energy stockholders approved selling Colombian and Ecuadorian businesses to Maurel & Prom for $1.33 billion, with closing expected by December 31, 2026.
