Gulf Navigation Holding PJSC (DFM:GULFNAV) submitted a formal proposal to acquire Brooge Petroleum and Gas Investment Company FZE from Brooge Energy Limited (NasdaqCM:BROG) on October 3, 2023. The proposed acquisition is still at an early stage, as GULFNAV is in the process of conducting further due diligence on BPGIC; and its legal and financial advisors continue to evaluate the deal. Gulf Navigation Holding PJSC will fund the transaction through a combination of cash and shares.

The transaction is subject to customary closing conditions for transactions of this nature, including obtaining the necessary regulatory approvals. The acquisition is expected to close in the fourth quarter of 2023. Freshfields Bruckhaus Deringer LLP acted as legal advisor to Gulf Navigation Holding PJSC (DFM:GULFNAV).