Australia’s Arrow Energy Holdings has signed a deal with coal seam gas company Bow Energy. As per the deal, Arrow will purchase all of Bow’s shares for a cash consideration of $1.48 per unit. The offer values Bow at $521.91 million. The acquisition adds to Arrow’s prospect to expand its proposed LNG project in Queensland. The offer enables Bow shareholders to realize the value of their Queensland coal seam gas (CSG) assets. Units of Royal Dutch Shell and PetroChina are shareholders of Arrow.
Click here for the release from Shell.