By OGJ editors
HOUSTON, July 5 -- DNO International ASA agreed to acquire RAK Petroleum PCL’s Middle East and North Africa operating subsidiaries through a stock transaction.
The transaction, estimated at a total value of $250-300 million, will be treated as a merger under Norwegian law. DNO plans to remain based in Oslo. RAK is based in Dubai.
The boards of both DNO and RAK endorsed the proposed transaction July 3. The shareholders of each company have yet to give final approval.
After closing, RAK will hold 40% interest in DNO. Currently, RAK holds 30% interest in DNO.