03:02 AM EDT, 07/27/2026 (MT Newswires) -- Serica Energy (SQZ.L) said Monday it agreed to acquire independent upstream oil and gas company Pharos Energy (PHAR.L) in a recommended cash deal valuing the company at about 145.7 million pounds sterling. Under the recommended proposal, the oil and gas company will acquire each share in its peer at 0.3267 pound, comprising 0.2867 pound in cash and a special dividend of 0.04 pound. The Pharos board considers the financial terms fair and reasonable and intends to unanimously recommend that shareholders approve the transaction, while withdrawing its recommendation for the competing offer from Israel-based Ratio Petroleum Energy. Serica has also secured an irrevocable undertaking from Aberforth Partners, which holds about 14.26% of Pharos' shares, to vote in favor of the deal. The acquisition is expected to complete in the first half of 2027, subject to customary conditions, including regulatory approvals in Vietnam and Egypt.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.