Houston offshore oil and gas company Talos Energy announced this morning it will acquire Lafayette-based Stone Energy Corp. in a nearly $2 billion merger, The Houston Chronicle reports.
Talos and Stone will become wholly-owned subsidiaries of new company known as Talos Energy Inc. The combined company will trade on the New York Stock Exchange as “TALO,” will be headquartered in Houston and have offices in Lafayette and New Orleans.
Under the terms of the deal, each outstanding share of Stone Energy’s stock with be exchanged for one share of Talos Energy. At closing, Talos stakeholders will own 63% of the combined company, with Stone shareholders owning the remaining 37%.
Talos CEO Tim Duncan says the merger positions the company to become a premier offshore exploration and production, with two core areas in the deep waters of the Gulf of Mexico in addition to the Zama discovery in the shallow Gulf.
The transaction is expected to close in late first quarter or early in the second quarter of next year.
