GeoPark completes acquisition of remaining 95% stake in Venezuela CPP holding company
GPRK•GeoPark completed its acquisition of Grupo Gilinski’s remaining 95% stake in Bare Block’s contract holding company for 42,135,872 common shares, with no cash acquisition payment. Grupo Gilinski now owns approximately 56.3% of GeoPark and must launch a tender offer within 90 days at $12.22 per share, for up to $100 million.
1. Acquisition completed
GeoPark completed its acquisition of Grupo Gilinski’s remaining 95% stake in Bare Block’s contract holding company for 42,135,872 common shares. The transaction required no cash acquisition payment, making Grupo Gilinski GeoPark’s controlling shareholder with approximately 56.3% ownership.
2. Contract and tender offer
The effective 25-year Venezuela production contract gives the operator a 65% net participating interest and responsibility for funding all capital expenditures. Grupo Gilinski may receive 5,421,589 additional common shares, raising its ownership to approximately 58.4%, if milestones are met by December 1, 2026. It must launch a tender offer within 90 days of closing at $12.22 per share, totaling up to $100 million.
