Yemisi Izuora
Nigeria-based Midwestern Oil & Gas Company has acquired
Mart Resources .
Acquireco, an indirect wholly owned subsidiary of Midwestern, acquired all of the issued and outstanding common shares of Mart and holders of Mart shares received 25 cents cash in exchange for each Mart share held for aggregate consideration of approximately $89.2-million for all Mart shares.
MidWestern’s acquisition was backed by funding from London-listed San Leon Energy.
FirstEnergy Capital LLP acted as financial adviser to the special committee of the board of Mart with regard to the transaction.