Consortium finishes sales negotiations for Samson buyout
Samson has been bought out for $7.2 billion by a consortium.
A consortium consisting of four companies has agreed a deal to buy oil and gas group Samson Investment for $7.2 billion (£4.6 billion).
Extensive business negotiations may have taken place between Kohlberg Kravis Roberts & Co LP (KKR), Natural Gas Partners, Crestview Partners and Itochu Corporation before the affiliates came to an arrangement.
Under the terms of the agreement, the only assets the investors will not get is the onshore Gulf Coast site and offshore deep water Gulf of Mexico location.
Henry Kravis, co-founder of KKR - which was established in 1976 as a managed buyout firm - noted the group is getting its hands on a "remarkable company with an extraordinary culture".
"We feel very fortunate to have the opportunity to carry on their commitment to employees [and] to communities," he added.
Mr Kravis continued by saying that Samson's headquarters would be staying in Tulsa once the deal has been completed.
Posted by Edel Quinn
Source: KKR press release, November 23rd