CANBERA (dpa-AFX) - Australia's Woodside Energy Group Ltd. (WOPEF.PK, WOPEY.PK, WPL.AX), formerly known as Woodside Petroleum Ltd, agreed to acquire all issued and outstanding common stock of Tellurian (TELL) including its owned and operated US Gulf Coast Driftwood LNG development opportunity. The consideration for the transaction is an all-cash payment of about $900 million or $1.00 per share of outstanding Tellurian common stock. The implied enterprise value is about $1.20 billion.
Woodside's target of reducing net equity Scope 1 and 2 emissions by 2030, and aspiration for net zero by 2050, are unchanged.
Tellurian's Board has approved the transaction and has recommended that its shareholders approve the transaction. The transaction is targeting completion in the fourth quarter of the 2024 calendar year.
In addition, Woodside will provide a loan to Tellurian of up to $230 million to ensure Driftwood LNG site activity and de-risking activities maintain momentum prior to completion of the transaction. The loan is secured by a first priority lien over the borrower's assets subject to customary exclusions. The latest maturity date for the loan is 15 December 2024 or the date of transaction completion.
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