Vermilion Energy Buys Northern Petroleum Nederland
- Business & Finance
Vermilion Energy Inc. announces that it has completed its previously announced transaction with Northern Petroleum Plc. whereby Vermilion, through its wholly-owned subsidiary, has acquired 100% of the shares of Northern Petroleum Nederland B.V.
NPN is the Netherlands subsidiary of UK-based Northern. Based on the effective date of January 1, 2013, and customary closing adjustments, Vermilion’s cash cost for the Acquisition was $27.5 million which was funded from cash on hand. Vermilion also granted Northern minority net profit participation rights on select license interests included in the Acquisition.
Press Release, October 11, 2013