Genel Energy to Acquire Capricorn Energy in $360 Million Deal

Genel Energy has announced its acquisition of Capricorn Energy through Genel Energy No.9 Limited. The boards of both companies have agreed on the terms, which involve a cash transaction valued at approximately $360 million. The acquisition will proceed under a Scottish scheme of arrangement via the Companies Act 2006.

Capricorn's shareholders will receive $4.74 per share, including an acquisition price of $3.75 and a special dividend of $0.99, provided it is declared before the closing date. The deal represents a 34% premium over Capricorn's share price before the offer period.

The acquisition aims to enhance Genel's strategic presence by incorporating Capricorn’s assets in Egypt’s Western Desert. This follows Genel's strategy to diversify its operations with robust cash flows from geographically varied areas, including Iraq and now Egypt.

The plan, subject to shareholder and regulatory approvals, is expected to complete in the second half of 2026, marking a significant step in Genel's MENA region expansion strategy.