ORLEN Upstream to acquire TriOil for $183.7M
CALGARY - Junior energy producer TriOil Resources Ltd. (TSXV:TOL) has agreed to be acquired by ORLEN Upstream for $183.7 million.
ORLEN Upstream is a subsidiary of PKN ORLEN S.A., one of the largest petroleum and petrochemical corporations in central and eastern Europe, and the largest in Poland.
ORLEN is paying $2.85 per common share of TriOil, representing a 31 per cent premium over the 10-day weighted average trading price up to July 2, 2013.
That was the trading day before TriOil announced it had entered into exclusive negotiations to sell the company.
Calgary-based TriOil says its outstanding debt as of June 30 was $56.4 million, resulting in a total transaction value of $240 million.
The deal is subject to regulatory and shareholder approvals, with closing expected by the end of November.