The Prax Group has completed the acquisition of Hurricane Energy Plc for consideration of up to £249m.

The acquisition consists of dividends of £103m (5.19p / share), cash consideration of £17m (0.83p / share) and a Deferred Consideration Unit of up to £129m (6.48p / share), based on future revenue generated by Prax through Hurricane Energy.

With a strong track record of integrating acquisitions and managing assets in the oil value chain, this acquisition is a natural progression for Prax. It provides the opportunity to integrate Hurricane’s expertise and infrastructure into the company’s footprint, to enable the continued exploration of new business opportunities as part of a long-term growth strategy.

Sanjeev Kumar Soosaipillai, Chairman and CEO of the Prax Group, said: 
“Our long-term strategy is to be fully integrated across the oil value chain from upstream to downstream, and today marks the beginning of a new chapter for the Prax Group.  The acquisition of Hurricane Energy is a natural progression for the Group, and will create unique opportunities for synergies with existing Prax-owned assets, as well as demonstrating our ongoing commitment to building a solid and transformative supply chain to meet the needs of our customers for many years to come.  The acquisition of Hurricane is a very significant moment in the Group’s history and a major leap forward towards achieving our goal of becoming a fully integrated global energy provider.”

Gneiss Energy acted as  financial adviser to Prax on the acquisition.

KeyFacts Energy: Acquisitions & Mergers news

If you would like to discover more about KeyFacts Energy, contact us today and we can arrange a 15-minute online meeting to review our database of over 2,600 continually updated 'country-specific' oil and gas and renewable energy profiles from a selection of 144 countries. Find out how you can instantly identify companies with operational activity in your chosen country, 'fine-tune' your news or company selection based on industry category, energy type or regional location and additionally benefit from one to one contact with us to ensure maximum online and social media exposure for your company.

KeyFacts Energy: Prax Group UK company profile