Spain's Cepsa to acquire Coastal Energy for $2.2B

|About: Coastal Energy Co., Ltd. (CENJF)|By:, SA News Editor

Cepsa has agreed to buy Houston-based Coastal Energy (CENJF) for C$2.3B ($2.21B) including debt in a deal that will expand the Spanish oil company's exploration and production capabilities in Southeast Asia.

Cepsa is creating a new entity for the deal, with Strategic Resources Global an investor in the vehicle.

Cepsa, which is owned by Abu Dhabi's International Petroleum Investment Co, will pay C$19 per share, or a premium of 28% to Coastal Energy's closing price yesterday in Toronto yesterday. (PR)