RAK Petroleum Public Company Limited, the oil and gas exploration and production company, today announced that following completion of due diligence and agreement on relative valuations, the Boards of Directors of DNO International ASA and RAK Petroleum PCL signed definitive documents on 3 September to merge RAK Petroleums oil and gas operating companies into DNO International in exchange for DNO International shares.
The transaction values DNO International at US$1.64 billion corresponding to NOK 9.50 per share and RAK Petroleum's subsidiaries at US$250 million.
As consideration, RAK Petroleum will receive 153,422,343 shares of DNO International of which 9,500,000 will be in treasury shares and the remaining 143,922,343 in new shares to be issued through an increase of the share capital of DNO International.
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