Corporate Partner, Martin Thomas, has advised Diversified Gas & Oil PLC (“DGO”) on its conditional acquisition from EQT Corporation of approximately 11,250 additional producing wells located in the states of Kentucky, West Virginia and Virginia for an agreed consideration of $575 million to be satisfied in cash at completion using gross proceeds of (i) a $250 million placing of new shares on AIM and (ii) a new revolving debt facility of up to $1 billion.
This is the largest acquisition by an Oil & Gas company in the history of the AIM Market and because of its size, the EQT acquisition constitutes a reverse takeover under the AIM Rules requiring DGO shareholder approval and the re-Admission of the enlarged issued share capital of DGO to AIM.
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This story was covered by Private Equity Wire.