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Cairn Energy Plc (CNE), the U.K. oil explorer focused on Greenland, agreed to buy the Rothschild-backed Agora Oil & Gas AS to expand in the North Sea.
Cairn will take over Agora, a Norwegian company owned by RIT Capital Partners Plc and financier Jacob Rothschild, for an enterprise value of $375 million and net working capital of $75 million, according to a statement today. It will pay 43 percent in cash and 57 percent in shares.
The deal gives Cairn, which has spent about $1 billion in (Source: Bloomberg)
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