British oil and gas company Ophir Energy PLC announced that the company has agreed to be purchased by Indonesian peer Medco Energi for a cash bid of 408.4 million pounds ($539 million).
Under the terms of the deal, Ophir shareholders will receive $0.75 per share in cash.
Previously, Medco Energi said that the acquisition will be immediately accretive in the first full year to its earnings before interest, taxes, depreciation, and amortization and net income.
The company plans to finance the transaction using the proceeds of a credit agreement and from its existing cash resources.