Talos Energy has agreed to sell another 30.1% interest in subsidiary Talos Mexico to entities controlled by billionaire Carlos Slim, whose companies also own at least 24% of Talos Energy’s common stock. (Source: Shutterstock.com)
Talos Energy has sold an additional 30.1% interest in subsidiary Talos Mexico to Zamajal SA, an entity controlled by the family office of billionaire Carlos Slim’s Grupo Carso. Slim has been steadily accumulating shares of Talos Energy for months.
Talos Mexico holds a 17.4% interest in the Zama Field in the Gulf of Mexico.
For the stake in its subsidiary, Talos will be paid $49.7 million in cash at closing, with an additional $33 million due upon first commercial production from the Zama Field, or an aggregate price of $82.7 million, Talos said Dec. 17. Zama’s production could start by or before 2030.
At closing, Talos Mexico will be 20% owned by Talos Energy and 80% by Zamajal.
Zamajal is 90% owned by Grupo Carso and 10% by Control Empresarial de Capitales— another Carlos Slim entity—which owns 24% of Talos’ common stock.
Grupo Carso entered the Zama Field Block 7 consortium when Talos sold a 49.9% interest in Talos Mexico to Zamajal. The total consideration for that deal was $124.75 million, which consisted of $74.85 million in cash at closing and an additional $49.9 million due upon first production
Joseph Mills, Talos interim president and CEO, said the company is pleased “to execute this important transaction with Carso on Zama, crystallizing benefits to Talos's stockholders. This transaction allows us to maximize stockholder returns, maintain our involvement in Zama and contribute to its continued progress."
Upon the achievement of commercial production from the Zama Field, Talos now expects to receive $82.9 million in cash contingent considerations. This amount is comprised of $33 million from the current transaction and $49.9 million from the earlier equity interest transaction.
Separately, Talos entered into a cooperation agreement in which Slim’s Control Empresarial De Capitales will not acquire additional shares of Talos common stock “to the extent that such acquisition would cause the investor group's holdings of Talos common stock to exceed 25%.” The agreement will last through Dec. 16, 2025.
KeyBanc Capital Markets’ Tim Rezvan noted Aug. 30 that the family office of billionaire Carlos Slim had, to that point, been steadily buying shares over the past 12 months.
Talos Energy and its partners discovered the Zama Field in 2017.
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