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Tellurian Inc. (NYSE:TELL) shares are trading higher after the company inked an acquisition deal with Australia’s Woodside Energy Group Ltd (NYSE:WDS) for an implied enterprise value of $1.2 billion, including net debt.
The deal consideration includes a $900 million all-cash payment or $1.00 per Tellurian share.
The acquisition price represents a 75% premium to Tellurian’s closing price on July 19, 2024, and a 48% premium to Tellurian’s 30-day volume weighted average price.
The deal, which includes Tellurian’s owned and operated U.S. Gulf Coast Driftwood LNG development opportunity, offers access to an asset with over $1 billion already invested.
To facilitate its acquisition of Tellurian, Woodside will offer a $230 million loan to support Driftwood LNG operations until the transaction closes.
The loan is secured by Tellurian’s assets and matures on December 15, 2024, or upon deal completion.
Tellurian’s Board has approved the deal and recommended it to shareholders, with the transaction expected to close in the fourth quarter of the 2024 calendar year.
Woodside CEO Meg O’Neill stated, “It adds a scalable US LNG development opportunity to our existing approximately 10 Mtpa of equity LNG in Australia. Having a complementary US position would allow us to better serve customers globally and capture further marketing optimisation opportunities across both the Atlantic and Pacific Basins.”
“The Driftwood LNG development opportunity is competitively advantaged. Woodside expects to leverage its global LNG expertise to unlock this fully permitted development and expand our relationship with Bechtel which is the EPC contractor for both Driftwood LNG and our Pluto Train 2 project in Australia.”
This month, Woodside signed a long-term SPA with CPC Corporation to supply 6 million tonnes of LNG to Taiwan over ten years.
Price Action: TELL shares are up 65.50% at $0.9450 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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