Magellan enters the LNG business with strategic merger
8/3/2016
Magellan Petroleum Corp. ("Magellan") entered into a definitive merger agreement with Tellurian Investments Inc. ("Tellurian"), a recently formed private company focused on the development of a mid-scale LNG facility on the US Gulf Coast. Tellurian is led by Charif Souki, former founder, Chairman, and CEO of Cheniere Energy, Inc. and Martin Houston, former COO of BG Group plc.
The board of directors of each company has unanimously approved the terms of the agreement and has recommended that its shareholders approve the transaction. Completion of the merger is subject to approval of the Magellan and Tellurian shareholders and certain regulatory approvals and customary conditions.
The transaction is expected to close in Q4 of 2016.
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