Gran Tierra Energy stockholders approved the sale of the company's Colombian and Ecuadorian businesses to Maurel & Prom for approximately $1.33B. Gran Tierra expects to receive about $315M in net cash proceeds from the deal, including $250M at closing and $65M payable 364 days later. The transaction still requires regulatory approvals in Colombia and Ecuador, with closing targeted for December 31, 2026. Gran Tierra expects to be debt-free after the sale and plans to use part of the proceeds for a share repurchase, subject to completion of the sale and board approval. GTE stock traded about 3% higher at roughly $10.90 in the after-hours session.
Gran Tierra Energy IncStockholders approved the $1.33B sale of its Colombian and Ecuadorian businesses, yielding ~$315M net cash, debt-free status, and a planned share repurchase.
Etablissements Maurel et Prom SAMaurel & Prom is acquiring Gran Tierra's Colombian and Ecuadorian businesses for ~$1.33B, expanding its asset base.
