In November 2022, Sable Offshore Holdings, LLC and Flame Acquisition announced their plans to merge. On Monday, Flame Acquisition announced that its shareholders have approved the previously announced business combination of the two companies. The deal is expected to close on or about February 14. Shares of the combined company, Sable Offshore Corp., are expected to begin trading on the New York Stock Exchange on February 15.
Flame will have approximately $62.2 million in its trust account prior to the business combination. As part of the deal, Sable Offshore Corp. has agreed to buy certain offshore California assets from ExxonMobil. The companies have been working together since November 2022 and are excited about their future as a single entity.
The merger is expected to bring several benefits to both companies, including increased efficiency and cost savings. Flame Acquisition is confident that this transaction will be a win-win for all parties involved and looks forward to continuing its growth as part of Sable Offshore Corp.