Stone Energy, Talos to become wholly-owned subsidiaries of new holding company
Under the terms of the definitive agreement, Talos and Stone will both become wholly-owned subsidiaries of a new holding company, which at closing will become a publicly traded entity. The new, combined company will be named Talos Energy, Inc. and is expected to trade on the NYSE under the new ticker symbol "TALO." At closing, Talos stakeholders will own 63% and Stone shareholders will own 37% of the combined company. Outstanding warrants to acquire Stone common stock will become warrants to acquire Talos Energy, Inc. common stock with terms and conditions substantially identical to their existing terms and conditions. Timothy S. Duncan, Talos's CEO, will be CEO of Talos Energy, Inc. with additional members of current Talos and Stone management serving in other key leadership roles. The combined company's Board of Directors will be comprised of ten members, including six members designated by Talos and four members designated by Stone from its current Board of Directors. Neal P. Goldman will serve as Non-Executive Chairman of the Board of Directors. Talos Energy, Inc. will be headquartered in Houston, with additional offices in Lafayette and New Orleans.