(Pietro D. Pitts, Energy Analytics Institute, 17.Dec.2024) — Talos Energy Inc. and its Mexican subsidiary Talos Mexico announced the sale of an additional 30.1% interest in Talos Mexico to Zamajal, S. A. de C.V., an entity owned 90% by Grupo Carso, S.A.B. de C.V. and 10% by Control Empresarial de Capitales, S.A. de C.V., which owns approximately 24% of Talos’s common stock.
Talos, in consideration for the additional interest, will receive $49.7mn in cash at closing, with an additional $33mn due upon first commercial production from the Zama Field, for an aggregate price of $82.7mn, Talos announced 17 Dec. 2024 in an official statement.
“We are pleased to execute this important transaction with Carso on Zama, crystallizing benefits to Talos’s stockholders. This transaction allows us to maximize stockholder returns, maintain our involvement in Zama and contribute to its continued progress,” Talos interim president and CEO Joseph Mills said in the statement.
At closing, Talos Energy will hold a 20% interest in Talos Mexico while Zamajal will hold the 80% majority. Talos expects the transaction to close upon the receipt of all regulatory approvals.
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Talos Mexico holds a 17.4% interest in the Zama Field.
Upon achievement of commercial production from Zama, Talos now expects to receive $82.9mn in cash contingent considerations. This amount is comprised of $33mn from the current transaction and $49.9mn from the earlier equity interest transaction.
Cooperation deal with Control Empresarial
Talos separately entered into a cooperation agreement with Control Empresarial.
Per the agreement, Talos and Control Empresarial and its affiliates agreed that from 17 Dec. 2024 until 16 Dec. 2025 that Control Empresarial will not acquire additional shares of Talos common stock “to the extent that such acquisition would cause the investor group’s holdings of Talos common stock to exceed 25%.”
Talos plans to amend its stockholder rights plan to provide for its termination, effective 5:00 p.m. New York time on the date of execution of the amendment, the Houston-based company said in the statement.
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By Pietro D. Pitts reporting from Houston. © Energy Analytics Institute (EAI). All Rights Reserved.
