Gulf Navigation has secured shareholder approval to acquire Brooge Energy in a AED 3.3bn ($898m) deal, structured through a mix of cash, newly issued shares and mandatory convertible bonds (MCBs).
As part of the deal, Gulf Navigation will pay Brooge Energy AED 460m ($125.26m) in cash. Additionally, it will issue 358,841,476 new shares and MCBs worth AED 2.34bn to Brooge Energy, both priced at AED 1.25
