After GeoPark's decline, Parex will take Frontera Energy's assets in Colombia
Parex Resources announces a hostile offer to acquire Frontera Energy. Photo: Courtesy: Parex
TL;DR
- Frontera Energy will proceed with Parex Resources' offer to acquire its Colombian upstream assets.
- GeoPark Limited declined to exercise its right to match Parex's superior offer.
- The Parex offer includes a cash payment of US$500 million, assumption of debt, and a US$25 million contingent payment.
- This deal represents a US$125 million premium compared to the previously announced GeoPark acquisition agreement.
- Frontera expects to sign definitive agreements with Parex by March 10, 2026.
- GeoPark had previously announced the acquisition of Frontera's Colombian assets for US$375 million plus a US$25 million potential payment.