Maha Energy AB (OM:MAHA A) signed a binding term sheet to acquire DBO Energia S.A. from Svein Harald Øygard, Kjetil Solbrække, Halvard Idland, AGR Petroleum, Tore Myrholt and others for $35.9 million.

Maha Energy AB (publ) (OM:MAHA A) signed a binding term sheet to acquire DBO Energia S.A. from Svein Harald Øygard, Kjetil Solbrække, Halvard Idland, AGR Petroleum, Tore Myrholt and others for $35.9 million on December 5, 2022. The consideration will be paid through issuance of 36,775,410 new shares in Maha. Prior to this transaction, Svein Harald Øygard, Kjetil Solbrække, Halvard Idland, AGR Petroleum and Tore Myrholt own 29.6%, 20.7%, 20.7% and 9.1% stake in DBO, respectively and upon completion of transaction, DBO will merge with Maha.

The transaction is subject to, inter alia, confirmatory and satisfactory due diligence, board approvals, final agreement and, if applicable, regulatory approvals, and a general meeting in Maha approving the necessary resolutions. The transaction is expected to close in Q1 2023. Maha Energy AB (publ) (OM:MAHA A) signed the definitive agreement to acquire DBO Energia S.A. from Svein Harald Øygard, Kjetil Solbrække, Halvard Idland, AGR Petroleum, Tore Myrholt and others on February 6, 2023.

The new shares in Maha issued as consideration to DBO's shareholders will be subject to twelve months lock-up period from Transaction's closing.