Serica Energy Buys Faros Capital
Serica Energy, a British company, announced the completion of its acquisition of Pharos Energy, an oil and gas producer, valued at approximately £145.7 million ($194.07 million). Pharos shareholders received 32.67 pence per share in cash, along with special dividend distributions. The Pharos board of directors withdrew their recommendation of an offer from Israel’s Rischio Petroleum, opting instead for Serica’s offer, which is considered more secure for completing the deal. The two companies are expected to finalize the transaction in the first half of 2027, expanding Serica’s operations to include Vietnam and Egypt.
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