Vallares PLC is acquiring oil explorer Genel Energy for $2.1 billion, Financial Times reports. The investment vehicle will purchase a 100 percent interest in Genel through the issue of new shares at a price of $15.98 a unit. Genel will own 50 percent of the new combined group with a market value of about $4 billion.
Vallares’ founders, including Tony Hayward and Nathaniel Rothschild, will be entitled to a 6.67 percent holding in the new venture, worth almost $300 million. The merger with the Iraqi-focused exploration and production company will help Vallares create a foothold in Kurdistan.
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