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Business deals

Indonesia's Medco climbs energy ranks with UK peer purchase

$510m takeover of Ophir to boost the company's Southeast Asian production

Ophir Energy holds oil and gas fields in Indonesia, Vietnam and Myanmar. (Photo courtesy of Ophir Energy)

JAKARTA -- Major Indonesian oil and gas company Medco Energi Internasional will purchase British peer Ophir Energy for 390 million pounds ($510 million), positioning itself to take on top player Pertamina by increasing output in Southeast Asia.

Ophir, established in 2004, holds oil and gas fields in Indonesia, Vietnam and Myanmar, as well as concessions in Tanzania and other places. The all-cash deal represents a sweetener from a previously rejected offer of 343 million pounds. The transaction is to be completed by midyear.

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