Catalyst-backed Frontera to acquire PML stake for $225 mln
Frontera Energy Corp (TSX: FEC), formerly known as Pacific Exploration & Production Corp, has agreed to acquire a 36.36 percent interest in Pacific Midstream Ltd (PML), a Colombian operator of pipeline and power transmission lines. Frontera agreed to buy the stake from International Finance Corp for $225 million in cash. With the deal's close, Frontera, a Canadian explorer and producer of crude oil and natural gas in Latin America, will own 100 percent of PML and be able to reduce transportation costs and related commitments. Frontera closed a US$500 million restructuring deal with Canadian private equity firm Catalyst Capital Group and other creditors in 2016.
16 October 2017•3 mins read
