Woodside Energy to Acquire Tellurian Inc. (NYSE American: TELL) in $1.2 Billion Deal

2 min read | July 22, 2024 10:44 PM PDT | By Team Kalkine Media

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Woodside Energy to Acquire Tellurian Inc. (NYSE American: TELL) in $1.2 Billion Deal — Image source: shutterstock

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Tellurian Inc. (NYSE American: TELL) has announced a definitive agreement with Woodside Energy Group Ltd (ASX:WDS), under which Woodside will acquire all outstanding shares of Tellurian for $1.00 per share in an all-cash transaction. This acquisition is poised to significantly enhance Woodside's position in the LNG market.

Premium Offer Highlights Tellurian's Progress

Martin Houston, Executive Chairman of Tellurian's Board of Directors, expressed confidence in the deal, emphasizing the considerable value it brings to shareholders. The offer represents a 75% premium to Tellurian’s closing price on July 19, 2024, and a 48% premium to its 30-day volume-weighted average price.

Strategic Benefits and Considerations

The acquisition price reflects the high value of Driftwood LNG's site, its fully permitted status, and its advanced stage of pre-Final Investment Decision (FID) development. Strategic partnerships with Bechtel, Baker Hughes, and Chart further enhance the site's value. Houston explained that the Board and senior management chose an immediate and substantial cash return over the risks and costs associated with reaching FID.

Transaction Details and Approvals

The total enterprise value of the transaction is approximately $1.2 billion. The agreement, which has been unanimously approved by the boards of both companies, is expected to close in Q4 2024, subject to customary closing conditions, shareholder approval, and regulatory clearances.

Advisors and Legal Counsel

Lazard is serving as the financial advisor, and Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel to Tellurian. These advisors are crucial in managing the complexities of this high-stakes transaction.

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