Seagull Energy to Acquire Global Natural Resources
April 03, 2011
HOUSTON -- Seagull Energy Corp. said Monday it had agreed to acquire Global Natural Resources Inc. in a stock transaction that Seagull valued at about $600 million. The combination of the two Houston companies will result in an oil and natural gas exploration and production concern with property holdings in a variety of domestic and international areas, including Egypt and the Ivory Coast. Separately, Seagull said it agreed to buy Esso Suez Inc. and certain assets of Esso Egypt Ltd. for $68 million of cash and stock. Under terms of the Global Natural deal, each Global Natural share is to be exchanged for between 0.72 and 0.88 of a Seagull common share. Seagull Chairman and Chief Executive Barton J. Marshall will retain those posts, while Global Chairman, Chief Executive and President Roberto F. Howse will succeed Mr. Marshall as president and become chief operating officer. After the transaction, Seagull will have a market value of $1.5 billion and 61 million shares outstanding, the company said. Global had revenue of $78.4 million in 2010. Seagull posted revenue of $336.3 million in its last fiscal year.
VastPress 2011 Vastopolis
