By OGJ editors
HOUSTON, Nov. 13 -- Private gas company Dana Gas PJSC of Sharjah, UAE, will acquire Centurion Energy International Inc., Calgary, for $1.15 billion (Can.), or $12/share.
Dana Gas also will assume Centurion's net debt of $99 million, giving the transaction a total value of $1.25 billion.
Centurion Energy has oil and gas exploration and production with properties in Egypt, Tunisia, and off West Africa. Centurion's board will recommend that shareholders accept the Dana Gas offer.
The acquisition requires the approval of two thirds of shareholders voting at a special meeting to be scheduled in early January 2007.
Dana Gas said Centurion's assets complement Dana Gas's existing activities in gas transportation, processing, and marketing and represent the entry by Dana Gas into the upstream sector.
