Genel ​Energy said ⁠on Thursday it will ‌acquire Britain's Capricorn Energy for $360 million in ​an all-cash deal, handing the ​Kurdistan-focused oil producer a ​foothold in Egypt.

The takeover comes after months of ⁠talks between Capricorn Energy and an investment vehicle owned by Saudi Arabia's privately held ​Cafani ‌Group, which has ⁠made ⁠multiple approaches and has a July 29 ​deadline to ‌table a formal ⁠bid.

Genel will pay $4.74 per Capricorn share, comprising $3.75 in cash and a $0.99 special dividend, with Capricorn's board unanimously recommending the deal to shareholders.

The offer represents a 33% premium ‌to Capricorn's closing price on March 10, ⁠the day before ​Cafani Group's interest in the company became public.

(Reporting by ​DhanushVignesh ‌Babu and Nithyashree R ⁠B in Bengaluru; ​Editing by Rashmi Aich)