Al Mirqab’s £924m takeover of Heritage Oil comes into effect

 
Suzie Neuwirth
AL MIRQAB Capital’s £924m acquisition of Heritage Oil came into effect yesterday, the Africa-focused oil explorer said.

The investment firm, controlled by Qatar’s royal family, made an offer for Heritage on 30 April, through its subsidiary Energy Investments Global.

Under the terms of the deal, Heritage shareholders received 320p in cash per share.

Chief executive and founder Tony Buckingham retains a 20 per cent stake in the firm and will serve as an adviser for at least five years, as part of the agreement.

Deutsche Bank and QInest advised Al Mirqab on the deal, while JP Morgan advised Heritage.

Shares in the FTSE 250 firm have been suspended since 27 June.