Salamander Energy said Monday that its $492 million purchase by UK-based Ophir Energy has been finalized.

UK-based Salamander approved the take over in November.

The acquisition scheme is now effective and the entire issued ordinary share capital of Salamander is owned by Ophir.

Salamander’s stock listing was taken off the London Stock Exchange before the opening bell this morning.

Admission of 152,208,612 new Ophir shares to trading on the London Stock Exchange is expected at 8.00 a.m. local time on March 3, Reuters said.

Under the deal Ophir traded 0.57 of its own shares for each Salamander share.

Shareholders of Salamander will own 20.9 percent of the newly merged company.

The deal values Salamander shares at $1.82 (115.9p) per share, a 44.5 percent premium over closing on the last day of the prior offer period.

The offer was conditional on Salamander cancelling its deal to sell a 40 percent stake in two offshore Thailand oil and gas blocks to Malaysia’s Sona Petroleum.

Directors of the combined group are non-executive chairman Nicholas Smith,  Ophir CEO Nicholas Cooper, Bill Higgs, Ronald Blakely, Alan Booth, Vivien Gibney, Lyndon Powell, Bill Schrader and Carol Bell.

Cooper previously served as CFO at Salamander, a company he also helped found.


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