Cox Oil, a U.S.-based oil and gas company, announced the completion of the merger between affiliates of Cox, merger sub, and rival Energy XXI Gulf Coast, Inc. (EGC) following the receipt of all required regulatory approvals and the satisfaction of all conditions to the merger agreement.
Under the terms of the transaction, Cox acquired all outstanding shares of EGC common stock for $9.10 per fully diluted share in cash, for a total consideration of approximately $322 million.
Additionally, the merger submerged with and into EGC, and the separate existence ceased with EGC continuing as the surviving corporation.
Cox said that it expects its outstanding team striving to deliver maximum value to its existing portfolio and another positive step towards its long-term strategy and goals.