Talos Energy is in talks to buy the EnVen drill in the Gulf of Mexico for ~$1 billion – Reuters (NYSE: TALO)

Talos Energy (NYSE:TALO) -7.1% in early trading on Monday following a weekend Reuters report that the company negotiating to buy EnVen Energy is controlled by Bain Capital for ~$1 billion and assumes a debt of Gulf of Mexico operator, with a total value of $288 million by the end of 2021.

Negotiations between the two companies have reached an advanced stage and an agreement will be witnessed by Talos (TALO) bought EnVen using most or all of the stock, according to the report.

Talos (TALO) has grown to become one of the largest GoM operators and has used recurring put-through trading to increase its size, making about a dozen acquisitions, including the acquisition of Stone Energy in 2018.

Reuters also reported recently that Pemex is ready to invest billions of dollars in the disputed Zama offshore oil field if its US partner Talos (TALO) accept that the Mexican company will run the project.