TransGlobe Energy Corporation announced that it has approved the plan of arrangement in which VAALCO Energy Canada ULC (AcquireCO) will acquire all the issued and outstanding TransGlobe common shares.

According to TransGlobe’s statement, the company will become a direct wholly-owned subsidiary of AcquireCo and an indirect wholly-owned subsidiary of VAALCO Energy. It stated that its shareholder will receive for each TransGlobe Common Share held, 0.6727 of a share of common stock in the authorized capital of VAALCO.

TransGlobe expects to apply for the final approval of the Court of King’s Bench of Alberta for the Arrangement on October 11, 2022. The statement mentioned that the closing of the Arrangement is expected to occur on or about October 13,2022.