Go to deals
Energy | Private Equity

Byron Energy Pty Ltd has been acquired by Trojan Equity Limited

Trojan Equity Limited (Trojan) has acquired Byron Energy Pty Ltd (Byron) for US$50 million.

Since the formation of Byron Energy Pty Ltd (Byron) in 2005 as a private company involved in oil and gas prospect evaluation in the Gulf of Mexico, Oaklins' team Australia has been a minority shareholder and ad-hoc advisor. In 2012, Byron had reached a sufficiently mature stage to seek a public listing and raise capital for its first major drilling prospect.

Trojan, a small investment group, made an offer which was acceptable to Byron. A dialogue ensued which gradually translated to agreement on a mechanically sound structure whereby Byron, valued significantly higher than the listed company, would be acquired for shares by Trojan, and conduct at the same time a capital raising.

Such a transaction needed a series of milestones to be reached – agreement on the relative values of buyer and seller and therefore "swap price and ratio" for the acquisition; approval by the shareholders of Trojan; a capital raising and finally a full application for the merged entity to be re-admitted to the Australian Securities Exchange.

Deal progress was interrupted for two months due to a competing, higher offer for Byron which ultimately fell through. Thereafter Byron and Trojan resumed negotiations at a higher Byron value, and by April 2013 the target capital raising was secured and the companies were ready to merge.

Oaklins' team in Australia advised the seller in this transaction.

Parties

Talk to the deal team

 Peter  Fraser

Peter Fraser

Director
Sydney, Australia
Oaklins Henslow
 Paul  Young

Paul Young

Senior Advisor
Sydney, Australia
Oaklins Henslow

Related deals

Perkbox has been acquired by Great Hill Partners
Private Equity | TMT

Perkbox has been acquired by Great Hill Partners

Molten Ventures has sold Perkbox to Great Hill Partners.

Learn more
Arculus Cyber Security has been acquired by Bridewell
Private Equity | TMT

Arculus Cyber Security has been acquired by Bridewell

The shareholders of Arculus Cyber Security (Arculus) have sold the business to Bridewell. The deal will bolster Bridewell’s growing roster of accreditations as well as strengthen its public sector footprint, enabling the expansion of its end-to-end cyber security offering for clients across the globe.

Learn more
TotalEnergies and SHV Energy have sold PitPoint.LNG to ViGo Bioenergy
Energy

TotalEnergies and SHV Energy have sold PitPoint.LNG to ViGo Bioenergy

TotalEnergies and SHV Energy have agreed to sell PitPoint.LNG, a Netherlands-based operator of state-of-the-art LNG refueling stations, to ViGo Bioenergy, a Germany-based developer and operator of refueling stations for alternative fuels. With this strategic acquisition, ViGo Bioenergy expands its international station network for alternative fuels and strengthens its European bio-LNG position.

Learn more