UK explorer Serica Energy has resolved to acquire Tailwind Energy Investments following a vote at its general meeting, it said in a January 27 stock-exchange announcement. The deal could be completed by March.
Serica CEO Mitch Flegg described the proposed deal as “a rare opportunity to acquire a successful company with an outstanding portfolio of assets that are complementary to the existing Serica portfolio. The significant increase in production, reserves and short-cycle growth opportunities will establish Serica as an operating company of increased scale and technical diversity whilst maintaining financial strength, retaining a net cash position at completion and with strong ongoing cashflows thereafter. This financial strength will allow Serica to continue its programme of returns to shareholders whilst supporting an ongoing campaign of mergers and acquisitions and organic investments.”