Norwegian oil and gas operator DNO has agreed to acquire UK-based Capricorn Energy in a deal valued at $396 million, or 3.69 billion Norwegian kroner. Under the terms, DNO will pay $5.214 per Capricorn share, comprising $4.224 in cash and a $0.99 special dividend declared by Capricorn before the deal takes effect. This offer exceeds Genel Energy's July bid of $4.74 per share, which valued the company at $360 million, and Capricorn's board has withdrawn its recommendation for the rival proposal. The price represents a premium of 45% over the closing price on 10 March 2026 and 60% over the three-month average prior to the offer period. The acquisition will give DNO entry into Egypt, adding to its existing operations in the North Sea and Kurdistan, and is expected to complete in late 2026 or early 2027, subject to shareholder and regulatory approvals.
Capricorn Energy PLCCapricorn shareholders receive $5.214/share, a 45% premium.
Dno ASADNO acquires Capricorn for $396M, expanding into Egypt.
Genel Energy PlcGenel's rival bid of $4.74/share is rejected, losing the acquisition.
