Genel to buy Capricorn Energy in $360 million cash deal

Energy Oil & Gas Written by: Ian Lyall 07:27 Thu 02 Jul 2026 --> Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Ian Lyall Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually. Prior to Proactive, Ian helped lead the business output at the Daily... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Genel Energy PLC ( LSE:GENL OTC:GEGYY ) View Price & Profile Genel to buy Capricorn Energy in $360 million cash deal Published: 07:27 02 Jul 2026 BST Genel Energy PLC (LSE:GENL, OTC:GEGYY) has agreed to buy Capricorn Energy PLC (LSE:CNE, OTC:CRNZF) in a recommended cash deal valuing the target at around $360 million. The London-listed oil and gas producer will pay $4.74 for each Capricorn share through an indirectly owned subsidiary, Genel Energy No.9. That figure comprises $3.75 in cash plus a special dividend of $0.99, expected to be declared before completion. The offer represents a premium of about 34% to Capricorn's closing on 10 March, the day before the offer period began. It is pitched 48% above the volume-weighted average price over the prior three months. The special dividend alone amounts to roughly $75 million returned to shareholders, though it will only be paid if the takeover completes. Capricorn's directors consider the terms fair and reasonable and intend to recommend them unanimously. The bidder has secured irrevocable undertakings to vote in favour from four shareholders, including activist investor Palliser Capital, covering about 39.3% of the register. The deal is structured as a Scottish scheme of arrangement, requiring approval from 75% of votes cast at shareholder meetings. For Genel, the acquisition adds a second production base to its existing 25% interest in the Tawke licence in the Kurdistan region of Iraq. The enlarged group would hold proven and probable reserves of 117 million barrels of oil equivalent, split roughly evenly between Kurdistan and Egypt. Combined production stood at just over 41,000 barrels of oil per day based on December 2025 exit rates. Genel said Egypt had been a target country for expansion, offering a well-established regulatory regime and stable contracts. Completion, which requires the consent of Egyptian state oil company EGPC, is expected during the second half of 2026. Continue reading