Deals - Acquisition, Mergers, Divestitures
ZaZa Energy Completes Transaction with Hess
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ZaZa Energy Corporation announced today that it has completed its transaction with Hess Corporation, announced on June 11, 2012. The transaction (i) effectively terminates the Parties’ 2010 agreements in Texas and, following government approval, those in France, (ii) divides the Parties’ assets under those agreements; (iii) provides a further cash payment to ZaZa today of approximately $69 million; and (iv) allows ZaZa to pay down its $100 million senior secured notes due 2017 by $33 million.
As previously announced, ZaZa has engaged Jefferies & Company, Inc. as its financial advisor to assist in securing a joint venture partner or partners for ZaZa’s Eagle Ford and Woodbine/Eaglebine assets, as well as to evaluate all strategic opportunities available to the Company. The completion of…
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