HOUSTON– A Cox Oil affiliate has signed a definitive agreement to acquire Energy XXI Gulf Coast Inc. (EGC) for about $322 million.
EGC’s board of directors unanimously approved the proposed transaction with Cox.
The closing of the transaction is subject to customary conditions, including obtaining necessary approvals from EGC’s stockholders and regulatory authorities. There is no financing contingency to complete the transaction. The transaction is expected to close in 3Q 2018.