Glori Energy to Acquire Oil Assets, Merge with Infinity
February 10, 2014
Glori Energy, an energy tech company that employs proprietary technology to increase oil production from mature fields, has agreed to acquire producing oil assets in Texas from Petro-Hunt for $40 million. The transaction will be funded with $38 million in cash and $2 million in a 6% convertible promissory note.
Separately, Glori Energy is merging with Infinity Cross Border Acquisition (NASDAQ: INXB), a special purpose acquisition company sponsored by Infinity Group and an affiliate of Hicks Equity Partners, in a $185 million transaction. Per the transaction, Infinity and Glori will form a new enterprise entitled Glori Energy, which is expected to list on the NASDAQ under the symbol GLRI.