Spain’s Repsol has set May 8 as the official closing date for its $8.3 billion purchase of Talisman Energy.
Alberta-based Talisman said Thursday the deal has won all necessary regulatory approval and the completion of the transactions remains subject “to the satisfaction of customary closing deliverables.”
In December Repsol agreed to acquire 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 output by 76 percent to 680,000 barrels per day.
“This is a transformative and exciting deal which will make us one of the world’s most significant players and which will allow us to grow as a company and reinforce Repsol as a solid and competitive integrated player,” Repsol chairman Antonio Brufau said when the deal was announced.