Gran Tierra agrees to sell Colombia, Ecuador oil business to Maurel & Prom for USD 1.33 billion
GTE•Gran Tierra to sell Colombia and Ecuador oil business
Gran Tierra agreed to sell its Colombia and Ecuador oil business to Maurel & Prom for total consideration of USD 1.33 billion.
The deal includes Maurel & Prom assuming Gran Tierra’s 9.750% Senior Secured Amortizing Notes due 2031, 9.500% Senior Notes due 2029, and the prepayment facility.
Net cash proceeds are expected at about USD 315 million; about USD 250 million cash at closing, with USD 65 million due 364 days later via an unsecured note.
Closing is targeted around Dec. 31, 2026, with an economic effective date of March 31, 2026; the mutual break fee is set at USD 50 million.
The company expects to be debt-free at completion and plans share repurchases and funding growth programs in Canada and Azerbaijan.
