Cross-border production across two continents helps i3 Energy achieve its $226m acquisition by Gran Tierra Energy

10/09/2024

We couldn't be more delighted than to have helped with the proposed US$226m cross-border acquisition of the UK's i3 Energy by Canada's Gran Tierra Energy.

At B&C, we love a challenging assignment and this was no exception, requiring simultaneous printing in Canada, the US and the UK; same-day approval, printing and mailing of the UK Scheme of Arrangement documentation; production by our wonderful partners Edgar Agents in the US during Labor Day, a US national holiday; global distribution of thousands of copies; and fast turnaround, 24/7 confidential, secure typesetting and iteration stages across multiple documents.

The Scheme of Arrangement and supporting documents were distributed in record time to i3 Energy shareholders in the deal which gives the company an implied equity value of £174.1m.

i3 Energy is a Westhill, Scotland-based oil and gas company with assets in the UK and Canada, while Gran Tierra Energy is an oil and gas exploration and production company focused on the acquisition and development of energy assets in South America. The company aims to leverage the acquisition of i3 to boost shareholder value, optimise capital allocation, and enhance trading liquidity.

The deal will create a larger, more diversified energy company with a stronger presence across the Americas, particularly in Colombia, Canada, and Ecuador. The merger will enhance Gran Tierra's production and reserves while expanding its product diversity, alongside the stronger geographical footprint.

Completion of the deal will lead to the delisting of i3 Energy shares from the AIM market of the London Stock Exchange and the TSX. The Scheme requires approval by i3 shareholders at its Court and General Meetings, both of which will be held on October 7.

If you’d like to find out how we can help you with the toughest cross-border M&A transactions, chat with us today: hello@blackandcallow.com

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