Kosmos Completes DGE Takeover

Kosmos Energy said September 17 it has completed its acquisition announced early last month of US rival deepwater Gulf of Mexico producer Deep Gulf Energy (DGE).

It said the "immediately accretive" acquisition enhances the scale of Kosmos, will generate significant free cash flow, and let it pay out a dividend, beginning 1Q2019. 

It bought DGE from US-based private equity firm First Reserve and other shareholders for a total of $1.225 bn, subject to certain adjustments.  Kosmos made a net 2Q2018 loss of $103.3mn.