Deals - Acquisition, Mergers, Divestitures
TransAtlantic Finalizes Divestiture of Oilfield Services Business
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TransAtlantic Petroleum Ltd. reported that on June 13, 2012, the Company closed the sale of its oilfield services business to a joint venture owned by Dalea Partners, LP (an affiliate of N. Malone Mitchell, 3rd, the Company's Chairman and Chief Executive Officer) and funds advised by Abraaj Investment Management Limited. Gross proceeds from the sale totaled approximately $167.2 million, comprised of approximately $155.7 million in cash and an $11.5 million promissory note from Dalea. The cash portion of the purchase price incorporated working capital adjustments as of April 1, 2012, the effective date of the transaction.
TransAtlantic used a portion of the net proceeds from the sale to pay off its $73.0 million credit agreement with Dalea, its $11.0 million credit facility with Dalea…
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