Gran Tierra Energy Announces Approval of Sale for $1.33 Billion
Gran Tierra Energy (GTE) announced that its shareholders approved the sale of its Colombian and Ecuadorian operations to Maurel & Prom for approximately $1.33 billion. The transaction is expected to generate around $315 million in net cash proceeds, with an initial payment of $250 million at closing followed by a second installment of $65 million after 364 days. The sale marks a significant step toward reducing the company's debt and improving its financial position. The transaction is expected to provide immediate liquidity while allowing Gran Tierra Energy to focus on other strategic opportunities.
Topics: divestment energy M&A