Talisman Energy CEO Hal Kvisle. Image courtesy of CalgaryHeralddotcom/Youtube.

Spain’s Repsol won final approval Monday from an Alberta court for its $8.3 billion acquisition of Alberta-based Talisman Energy.

The Court of Queen’s Bench of Alberta granted the final order approving the acquisition.

Last week, 99 percent of Talisman shareholders in each class voted in favor of the deal.

The deal must still be approved by regulators and meet other customary closing conditions.

In December Repsol agreed to purchase Talisman for $8.3 billion,  a 56 percent premium over the company’s $5.33 billion market value at closing the day before the deal was announced.

Repsol will also take on $4.7 billion of Talisman’s long-term debt.

The purchase will boost Repsol’s reserves by 55 percent to over 2.3 billion barrels of oil equivalent and increase production by 76 percent to 680,000 barrels per day.

“All regulatory approvals are on track and it is anticipated that the completion of the transaction will occur in the second quarter of 2015,” Talisman Energy said.

Talisman saw its fourth quarter loss widen to $1.59 billion, or $1.54 per share, from a loss of $1.01 billion, or $0.98 per share, during the same period in 2013.

Revenues dropped 95 percent in the fourth quarter to $44 million, primarily due to losses from the company’s joint ventures.



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