7Newswire
13 Jul 2021, 15:32 GMT+10
WASHINGTON, DISTRICT OF COLUMBIA -- July 14, 2021 -- Hiscox Oil & Gas Corporation and DHS Group Energy today announced that they have entered into a definitive agreement whereby the companies will combine in an assets merger of equals. The combination will bring together two industry-leading operators with top-tier oil and natural gas assets to create a diversified energy leader that is positioned to drive enhanced free cash flow generation and returns for investors through market cycles.
"The combination of Hiscox and DHS Energy will create a free cash flow focused, diversified energy company with the scale, inventory and financial strength to thrive across commodity price cycles," Fernando Aguirre, Executive Vice Chairman of DHS stated in a press conference. "The combined business will be overseen by an experienced Board and
"This transformational merger will combine our top-tier assets and advance our shared focus on delivering superior returns for investors," said Rakesh Sarna, Chairman of DHS Group. "We're building an even more resilient platform with greater financial strength in order to deliver sustainable, through-cycle returns on and of capital. We view commodity, geography and asset diversification as strategic advantages that will drive more resilient free cash flow and long-term value creation. We are aligned on our commitment to ESG and sustainability and look forward to bringing our talented teams together to unlock the tremendous potential of this compelling combination."
Strategic and Financial Benefits of Creating a Free Cash Flow Focused, Diversified Oil & Gas Producer
Headquarters, Leadership and Governance
The combined business, which will operate under a new name, plans to be headquartered in Houston and maintain its regional offices.
Upon closing, Fernando Aguirre will serve as Executive Chair of the Board of Directors of the newly combined business and Rakesh Sarna will lead the company as CEO and will serve on the Board of Directors. The remainder of the company's leadership team will include executives from both Hiscox and DHS Group Energy.
The Board of Directors of the company will be composed of five directors from the current Hiscox Board of Directors, including Scott Haley, and five directors from the current DHS Group Energy Board of Directors, including Fernando Aguirre.
Timing and Approvals
The transaction is expected to close in the fourth quarter of 2021, subject to regulatory clearance, the approval of Hiscox and DHS Group energy investors and the satisfaction of other customary closing conditions.
ABOUT DHS
We began as a unique grassroots and lobbying firm with customized services for an elite group of clients. Our work applies equally to regulatory issues as well as legislative ones, and we manage issues for our clients at the local, state, federal, and international levels of government.
We use our core competencies and reach to gain competitive advantage for clients. Our expertise comes from extensive must-win campaign experience and operating successfully at the highest rung of business, government, politics, and media. Our reach is the ability to use strategic intelligence to mobilize the message and persuade the toughest audiences. We know what it takes to win in difficult situations. We have proven results for prominent figures, leading advocacy groups and the world's most successful companies. We leverage what others cannot.
FOR DHS INVESTORS
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. These forward-looking statements do not constitute guarantees of future performance.
Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with transitions in key personnel and succession, products, their development, integration and distribution, product demand and pipeline, customer acceptance of new products, economic and competitive factors, DHS' key strategic relationships, acquisition and related integration risks as well as other risks detailed in DHS' filings with the Securities and Exchange Commission. DHS assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
DHS® is a trademark or registered trademark of DHS Investments, Inc. and/or one or more of its subsidiaries, and may be registered in the U.S. Patent and Trademark Office and in other countries. All other trademarks and registered trademarks are property of their respective owner.
CONTACT
Steven Palmer, Vice President of Communications
DHS
202-719-0398
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