On August 19, 2024, Gran Tierra Energy, Inc. announced its intent to acquire i3 Energy plc, valued at approximately £174.1 million ($299.8 million). The deal, structured as a scheme of arrangement under Part 26 of the Companies Act 2006, involved a cash and share consideration. i3 Energy shareholders received 10.43 pence per share in cash and one new Gran Tierra share for every 207 i3 Energy shares, alongside a 0.2565 pence dividend per i3 Energy share.

This acquisition represents a 49% premium to i3 Energy's closing price before the offer period began. Following completion, i3 Energy shareholders own up to 16.5% of Gran Tierra. Gran Tierra intends to delist i3 Energy from AIM and TSX, and i3 Energy will cease to be a reporting issuer in Canada.

Legal advisors for Gran Tierra included Ashurst LLP (UK), Stikeman Elliott LLP (Canada), and Gibson, Dunn & Crutcher LLP (US). Burness Paull LLP (UK) and Norton Rose Fulbright Canada LLP advised i3 Energy. The transaction is expected to enhance Gran Tierra's scale and diversify its geographic and product streams across the Americas.