Thailand M&A - Horizon Oil and Matahio Energy acquire ExxonMobil's remaining upstream assets in Thailand

(Originally posted on March 25, 2025)

Yesterday, Horizon Oil announced that they, together with Matahio Energy, have executed a binding sale and purchase agreement to acquire ExxonMobil's remaining upstream assets in Thailand.

The initial cash consideration for Horizon is US $30 million, implying a combined cash consideration of US $40 million, with an effective date of 1 January 2025. In addition, Horizon have stated that there are contingent payments of up to US $7.5 million (US $10 million for both companies) over the next six years, subject to certain conditions being met.

Completion of the transaction is expected in Q2 of 2025, subject to standard closing conditions.