On August 19, 2024, Gran Tierra Energy, Inc. announced its intent to acquire i3 Energy plc, valued at approximately £174.1 million. The deal, structured as a scheme of arrangement under Part 26 of the Companies Act 2006, involved a cash and share consideration. i3 Energy shareholders received 10.43 pence per share in cash and one new Gran Tierra share for every 207 i3 Energy shares, alongside a 0.2565 pence dividend per i3 Energy share.
This acquisition represents a 49 percent premium to i3 Energy's closing price before the offer period began.
On 29 October 2024, i3 Energy announced that the Court had sanctioned the scheme at the Sanction Hearing held on 29 October 2024.
Legal advisors for Gran Tierra included Ashurst LLP (UK), Stikeman Elliott LLP (Canada), and Gibson, Dunn & Crutcher LLP (US). The Stikeman Elliott team included Patrick McNally, Christopher Nixon, Kayla Zachariassen, Braxton Houlden, Ashley Murray, Auska Adhikari, Chrysten Perry, Michael Dyck, Jaye Stewart, Kathryn Okeke, Peter Flynn, Laura Rowe, Irma Shaboian, Jennifer McBean, Dennis Langen, Taylor Sakon.
Burness Paull LLP (UK) and Norton Rose Fulbright Canada LLP advised i3 Energy.