{"id":624917,"date":"2018-09-23T04:26:51","date_gmt":"2018-09-23T04:26:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/23\/lse-listed-soco-to-acquire-egypt-focused-merlon\/"},"modified":"2018-09-23T04:26:51","modified_gmt":"2018-09-23T04:26:51","slug":"lse-listed-soco-to-acquire-egypt-focused-merlon","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/23\/lse-listed-soco-to-acquire-egypt-focused-merlon\/","title":{"rendered":"LSE-listed Soco to acquire Egypt-focused Merlon"},"content":{"rendered":"<p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>**#5 M&A WATCH- LSE-listed Soco to acquire Egypt-focused Merlon Petroleum: <\/strong>London-listed <u><a href=\"https:\/\/www.socointernational.com\/\">Soco International<\/a><\/u> announced <u><a href=\"https:\/\/www.socointernational.com\/Proposed-Acquisition-of-Merlon-news\">in a statement on Thursday<\/a><\/u> that it has reached an agreement to acquire <u><a href=\"http:\/\/merlonpet.com\/\">Merlon Petroleum El Fayoum Co.<\/a><\/u> in a USD 215 mn transaction. The transaction, if executed, would give Soco a 100% working interest in the Western Desert\u2019s Fayum Concession. That would give the company, whose website says it currently operates in Vietnam and Angola, a \u201cstrategic platform\u201d for \u201cfuture organic and inorganic growth in Egypt and the wider MENA region,\u201d as it is expected to add \u201cworking interest reserves of 24 mmbbls working interest resources of 37 mmbbls\u201d to the company\u2019s total output, in addition to around 1,570 sqm of explorable land.<\/p>\n<p><strong>Transaction structure: <\/strong>The USD 215 mn cash-and-shares agreement will see Soco pay USD 136 mn in cash and offer 66 mn new Soco shares equivalent to just under 20% of the company\u2019s current issued capital. Soco will also repay Merlon\u2019s net debt of about USD 22 mn (as of the end of last year). Merlon President and CEO Jason Stabell and his team are expected to retain their positions. The transaction should be complete some time in the first half of 2019, the statement said.<\/p>\n<p><strong>Advisors: <\/strong>Evercore Partners was financial advisor and sponsor. Jeffries and JP Morgan Cazenove were corporate brokers. Matouk Bassiouny served as local legal counsel for Soco.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>**#5 M&#038;A WATCH- LSE-listed Soco to acquire Egypt-focused Merlon Petroleum: London-listed Soco International announced in a statement on Thursday that it has reached an agreement to acquire Merlon Petroleum El Fayoum Co. in a USD 215 mn transaction. The transaction, if executed, would give Soco a 100% working interest in the Western Desert\u2019s Fayum Concession. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624917","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"94d9e1dc-1bfc-4d35-9577-82c7bff82884","order":"0","is_powered_by":true,"section_story_id":"84cf5c2e-79a3-4f25-a38c-88b0e1f4340f","story_type":"1","photo_url":"","photo_position":"above","related_issue":[624906],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>LSE-listed Soco to acquire Egypt-focused Merlon - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/23\/lse-listed-soco-to-acquire-egypt-focused-merlon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LSE-listed Soco to acquire Egypt-focused Merlon\" \/>\n<meta property=\"og:description\" content=\"**#5 M&amp;A WATCH- LSE-listed Soco to acquire Egypt-focused Merlon Petroleum: London-listed Soco International announced in a statement on Thursday that it has reached an agreement to acquire Merlon Petroleum El Fayoum Co. in a USD 215 mn transaction. The transaction, if executed, would give Soco a 100% working interest in the Western Desert\u2019s Fayum Concession. 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The transaction, if executed, would give Soco a 100% working interest in the Western Desert\u2019s Fayum Concession. 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Last year, companies closed some 10 transactions worth just USD 389 mn. Energy, mining and\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/2057.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630603,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/26\/is-merlon-looking-to-invest-usd-55-mn-next-fiscal-year\/","url_meta":{"origin":624917,"position":2},"title":"Is Merlon looking to invest USD 55 mn next fiscal year?","author":"enterpriseam admin","date":"26 April 2018","format":false,"excerpt":"INVESTMENT WATCH- Is Merlon looking to invest USD 55 mn next fiscal year? American oil outfit Merlon International is reportedly looking to spend USD 55 mn in Egypt next fiscal on exploration, Merlon JV PetroSilah Petroleum Chairman Taher Abdel Rahim told Al Shorouk. USD 20 mn will be allocated to\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630454,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/22\/yorktown-partners-plans-to-sell-egypt-focused-oil-and-gas-producer-merlon-international\/","url_meta":{"origin":624917,"position":3},"title":"Yorktown Partners plans to sell Egypt-focused oil and gas producer Merlon International","author":"enterpriseam admin","date":"22 April 2018","format":false,"excerpt":"M&A WATCH- New York-based private equity firm Yorktown Partners is planning to sell its Egypt-focused oil and gas producer Merlon International to raise USD 400 mn, banking sources tell Reuters. Citigroup is managing the process, which is expected to be finalized by July. 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