Dana Gas acquires Centurion Energy

Dana Gas acquires Centurion Energy

Dana Gas PJSC has announced that it is acquiring Canada’s Centurion Energy International Inc. The deal is worth around C$1.15 billion and it would give them access to exploration assets in Egypt, Tunisia and West Africa.

As per the financial aspects of this deal, Dana Gas would be paying around C$12 per share. This is a 36% premium over the closing price of Centurion Energy on Oct. 30. This was just the day before the moment Centurion had said that it received an unsolicited takeover offer.

Hamid Dhiya Jafar, executive chairman of Dana Gas said in a statement announcing the deal: “We are pleased to have entered into this agreement with Centurion. The complementary operations, strategy and approach to business make Centurion particularly valuable to Dana Gas.”