Lotus Resources Limited (ASX:LOT) agreed to acquire A-Cap Energy Limited (ASX:ACB) from Singapore Shenke International Investment Pte. Ltd. and others for AUD 64.2 million on July 13, 2023. , Lotus shareholders will hold approximately 79.0% of the Merged Group and A-Cap Shareholders will hold approximately 21.0% of the Merged Group.

A-Cap Energy borad of directors and shareholders, court approval, Regulatory approvals in Australia and Botswana. As of July 12, 2023 A-Cap Energy Limited board approved the deal. The transaction is expected to close on November 7, 2023.

As on October 13, 2023, the transaction was approved by Minister of Minerals and Energy of the Republic of Botswana and Competition & Consumer Authority of Botswana. The transaction has been approved by the Federal Court of Australia. Thomson Geer is acting as legal adviser to Lotus in relation to the Merger.

BDO Corporate Finance (WA) Pty Ltd acted as independent expert to A-Cap. Canaccord Genuity (Australia) Limited is acting as financial adviser to A-Cap and Ashurst is acting as legal adviser to A-Cap in relation to the Merger. Simon Brown and Courtney Dixon of Jones Day acted as legal advisors to A-Cap.

Ernst & Young acted as accountant to A-Cap.