Santos completes acquisition of Quadrant Energy

Company News

by Anna Napoli

Santos (ASX:STO) says it has completed the US$1.93 billion acquisition of Quadrant Energy.

The completion amount was fully funded from Santos' existing cash resources and US$1.2 billion of new debt facilities.

The oil and gas giant says stronger operating performance and free cash flow generation since June 30 means Santos is now expecting gearing to be about 33 per cent at year-end.

According to CEO, Kevin Gallagher the acquisition strengthens the company's ability to fund growth activities in Western Australia, Northern Australia and Papua New Guinea, and the sustainable dividend through the cycle.

Shares in Santos (ASX:STO) are trading 2.19 per cent higher to $5.61

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.