Gran Tierra to buy PE-backed PetroLatina for $525 mln

Gran Tierra Energy Inc (NYSE, TSX: GTE) has agreed to acquire PetroLatina Energy Ltd, a U.K.-based exploration and production company with assets in Colombia, for US$525 million in cash. The deal is expected to close before the end of October. Calgary-based Gran Tierra, an oil and gas company focused on operations in South America, said the acquisition will provide it with an attractive portfolio of development opportunities in Colombia's Middle Magdalena basin. PetroLatina has been backed by Colombian private equity firm Tribeca Asset Management since May 2008.

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