HENLEY oil and gas company ERCL has been bought by Yorkshire firm Getech in a deal worth up
HENLEY oil and gas company ERCL has been bought by Yorkshire firm Getech in a deal worth up to £4.3million.
The business, based in Station Road, was formed last year following the merger of Exploration Reservoir Consultants and SAER. It employs 26 people and made a profit of more than £1million in its first year of trading.
Getech agreed to buy ERCL last month, with the deal due to be completed this week. It will pay an initial £1.75 million in cash as well as buying more than two million shares in ERCL.
The takeover is not expected to affect any jobs at the company. Getech will pay an initial £1.75million in cash as well as buying more than two million shares in ERCL.
Raymond Wolfson, chief executive of Getech, said: “We see a very strong strategic fit between Getech and ERCL and believe that this will open up an extended range of opportunities for the enlarged group to work with oil and gas exploration companies and national oil companies.
“We have known a number of the ERCL directors and staff for several years and are confident that there is both a cultural fit and a strong ability to work together to grow the combined group.”