Corporate M&A – Ratio Petroleum to acquire Pharos Energy

(Originally posted on June 24, 2026)

On 24 June 2026, Ratio Petroleum Energy LP announced that it had reached agreement on the terms of a recommended cash offer to acquire Pharos Energy.

The acquisition will be implemented by way of a scheme of arrangement and remains subject to shareholder, court, regulatory and other approvals. These include approvals in Vietnam and Egypt.

Under the terms of the acquisition, Pharos shareholders will be entitled to receive total value of up to 28 pence per Pharos share. This comprises:

• Cash consideration of 23.0683 pence per share,
• A special dividend of 4.0 pence per share,
• The previously declared FY25 final dividend of 0.9317 pence per share for qualifying shareholders.

Ratio has received irrevocable undertakings covering 41.76% of Pharos’ existing issued share capital, including undertakings from Pharos directors who hold shares. Completion is expected in H1 2027.

This article looks at the deal, with a focus on what it means for Southeast Asia.