Australia-based Santos Ltd. has completed the acquisition of Tipperary Corp., Denver, (Amex: TPY) for approximately $466 million, including the assumption of debt. Tipperary's shareholders will receive $7.41 per share in cash at closing. Tipperary is an independent energy company focused primarily on the exploration and production of coalseam and conventional gas from its producing operations in Queensland, Australia. The company's assets include a 75.25% capital interest and a 71.7% pre-royalty revenue interest in southeastern Queensland's Comet Ridge coalseam gas project totaling approximately 1.23 million acres and other exploration permits in Queensland totaling approximately 77,000 acres. Tipperary also holds interests in several exploration projects in Colorado and Nebraska covering approximately 623,000 acres. David Bradshaw, chief executive of Tipperary, says, "Our board of directors views this transaction as the successful culmination of our business plan. The strategy of building natural gas reserves in Australia and the United States has resulted in the creation of an asset base that is attractive to larger energy companies. This transaction represents an opportunity to deliver significant value to our shareholders." Tipperary's financial advisor for the transaction was Houlihan Lokey Howard & Zukin, while the company's legal advisor was Jones & Keller PC. Petrie Parkman & Co. was financial advisor to Slough, whose legal advisor was Skadden, Arps, Slate, Meagher & Flom LLP. Merrill Lynch was financial advisor to Santos.
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