U.K. shale gas players IGas Energy and Dart Energy are on course to complete their merger by the beginning of October after a majority of Dart shareholders approved the deal.
IGas announced the agreed takeover of Australia’s Dart Energy in May with a share exchange which values Dart at $187 million. The merger would leave the enlarged company majority owned by IGas with 30.5% owned by Dart shareholders.
Dart shareholders have voted to approve a scheme of arrangement by which the deal is due to be completed, and IGas said in an update that the transaction is on course to close by Oct. 1, subject to further approvals from the U.K. Competition and Markets Authority, Australia’s Minister for New South Wales over a change in control of Dart's NSW licenses, and the Supreme Court of Queensland in Australia.
Once completed IGas and Dart will hold a total of 50 U.K. onshore exploration licenses with a total of one million net acres, including major U.K. shale basins.
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