GE Oil & Gas (GE) Invests $25M in Tellurian Investments (MPET)
- Wall Street turns defensive on Trump's protectionist stance
- Aetna's (AET) Humana (HUM) Takeover Blocked by Judge as Anticompetative
- Trump signs order withdrawing U.S. from Trans-Pacific trade deal
- Qualcomm (QCOM) Thrashed as Apple (AAPL) Lawsuit Threatens Licensing Business Model
- McDonald's (MCD) Tops Q4 EPS by 3c
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Tellurian Investments Inc. (“Tellurian”) announced today that GE Oil & Gas has made a $25 million preferred equity investment in Tellurian which has an implied Tellurian Investment Inc. Common Stock value of $5.94 per share.
Tellurian President and CEO Meg Gentle said, “This investment represents another step forward in the development of Driftwood LNG, where we are working together with GE to design the lowest cost liquefaction for the global market. GE Oil & Gas has provided technology for LNG facilities worldwide for over 25 years and is a pioneer in innovation and a leader in reliability. We look forward to a long and beneficial partnership with the GE team.”
Driftwood LNG is in the engineering design and pre-filing phase of the project. The Federal Energy Regulatory Commission (FERC) approved Driftwood LNG’s pre-filing request on June 6, 2016. Tellurian expects construction on Driftwood LNG to begin in 2018 and the project to become operational in 2022.
Tellurian entered into a merger agreement with Magellan Petroleum Corporation (NASDAQ: MPET) on August 2, 2016, and expects the agreement to close in the fourth quarter this year.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Silgan (SLGN) to Acquire WestRock's (WRK) Specialty Closures and Dispensing Systems Business for $1.03B
- Manitex Int'l (MNTX) Says It's Considering Strategic Alternatives for A.S.V., LLC
- AMC Entertainment (AMC) to Acquire Nordic Cinema Group for $929M
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!