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Premier Oil reaches deal to merge with Chrysaor and pay off creditors

Oct 6 (Reuters) - Premier Oil said on Tuesday it has reached an all-share merger deal with oil exploration and production company Chrysaor that will result in a cash payment of $1.23 billion to creditors of the debt-saddled British firm.

Premier Oil shareholders are expected to own up to 5.45% of the combined group, the company said, with Chrysaor’s largest shareholder Harbour Energy seen holding 39.02%. (Reporting by Yadarisa Shabong in Bengaluru; Editing by Krishna Chandra Eluri)

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