Tethys Oil: Australian Firm ROC Acquires Swedish Energy Company
Deal News | Dec 31, 2024 | Zawya
Roc Oil Company Pty Ltd (ROC), an Australian firm, has acquired a majority stake in Swedish upstream energy company Tethys Oil and has de-listed the firm from Nasdaq Stockholm as part of its strategy to take the entity private. The deal involved ROC offering Tethys shareholders 58.70 Swedish Krona per share, amounting to approximately $180 million in total. With the acquisition, ROC is poised to expand into the Middle East market through Tethys Oil's operations in Oman, marking ROC's debut in the region. Tethys Oil, which holds a significant stake in multiple exploration blocks in Oman, will transfer its interests to ROC after the deal is ratified by Omani authorities. The acquisition is backed by Fosun International Limited, ROC's parent company, which is a significant investment group listed on the Hong Kong Stock Exchange.
Sectors
- Energy
- Private Equity
Geography
- Oman – Tethys Oil operates its main assets in Oman's upstream energy sector, and the article focuses on the implications of the acquisition in this region.
- Australia – Roc Oil Company, the acquiring firm, is headquartered in Australia, marking the geographic base of the buyer.
- Sweden – Tethys Oil is a Swedish company that was listed on Nasdaq Stockholm before the acquisition by ROC.
Industry
- Energy – The article discusses an acquisition within the upstream energy sector, specifically focusing on oil exploration and production.
- Private Equity – The acquisition involves Roc Oil Company, which is a private entity making a strategic acquisition in the energy sector.
Financials
- 1.894 billion SEK – The total value of the transaction for all outstanding shares of Tethys Oil, approximately $180 million.
- 58.70 SEK per share – The cash offer made by ROC to Tethys Oil shareholders.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Tethys Oil | Target Company | Company | A Swedish upstream energy firm with significant operations in Oman. |
| Roc Oil Company Pty Ltd (ROC) | Bidding Company | Company | An Australian firm and the acquirer of Tethys Oil, marking its entry into the Middle East energy sector. |
| Fosun International Limited | Parent Company | Company | The parent company of ROC, a large investment group listed on the Hong Kong Stock Exchange. |
| Nasdaq Stockholm | Stock Exchange | Other | The stock exchange from which Tethys Oil has been de-listed following the acquisition. |
| Omani Authorities | Government | Government | Responsible for ratifying the transfer of Tethys Oil's interests to ROC post-acquisition. |
| Syndigate Media Inc. | Article Provider | Other | The distributor of the press release through the Zawya news aggregator. |