Gran Tierra shareholders approve $1.33bn sale but reject deal pay

Gran Tierra Energy shareholders approved the sale of the company's Colombia and Ecuador businesses to Maurel & Prom for total consideration of about $1.33 billion, including assumed debt.

The filing shows 19,351,115 votes for the transaction and 32,492 against. A separate advisory vote on compensation tied to the deal failed narrowly, with 9,658,068 votes against and 9,557,007 for. That nonbinding result does not block the sale.

Gran Tierra expects about $315 million of net proceeds, with $250 million due at closing and $65 million due 364 days later.

The shareholder condition is cleared, but the deal still needs regulatory approval. Gran Tierra is targeting December 31 and plans to focus on Canada and Azerbaijan after the sale closes.