Rubiales Pays Up for Synergies

Rubiales Pays Up for Synergies

Colombia M&A

Pacific Rubiales has agreed to buy Petrominerales for CAD1.58bn ($1.53bn), in a combination of assets that analysts see as beneficial even if coming at a cost. Rubiales is to pay CAD935m and take on CAD640m debt, the two Colombian E&P operators say. Petrominerales shareholders will receive CAD11.00 per share and one share in a newly formed entity to hold Brazilian assets and receive a CAD100m cash capitalization. The level represents a 42% premium to the CAD7.74 closing price in the previous ses

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