Greenland Energy Company has announced an indicative agreement to acquire 80 Mile plc through an all-share transaction. The deal, disclosed on September 8, 2026, is structured as a proposed merger rather than a firm offer, and is subject to the completion of confirmatory due diligence and the unanimous recommendation of 80 Mile's Independent Directors.
Under the proposed terms, Greenland Energy would issue 0.01108 new shares of common stock for each existing 80 Mile ordinary share. Based on Greenland Energy's closing share price of $1.37 on September 4, 2026, the transaction values 80 Mile's existing issued share capital at approximately £61.48 million and each 80 Mile share at roughly 1.1p. This price represents a premium of 42.86% to the mid-market price of an 80 Mile share as of September 3, 2026, and 64.18% above the price of shares placed with investors in July 2026.
Greenland Energy is a U.S. Nasdaq-listed energy exploration company focused on the Jameson Land Basin in East Greenland. As of June 30, 2026, the company reported approximately $37.4 million in cash and cash equivalents. 80 Mile is a London-listed company focused on energy, critical minerals, and industrial gas projects, with a portfolio that includes the Jameson Land Basin and the Disko-Nuussuaq copper and nickel project in West Greenland.
The two companies are existing joint venture partners in the Jameson Land Basin. Greenland Energy states that the merger aims to consolidate 100% ownership of the basin's licenses and bring together 80 Mile's remaining portfolio with Greenland Energy's capital markets access and development capabilities.
Greenland Energy has been actively acquiring 80 Mile shares, purchasing 246,765,352 shares between August 25 and September 3, 2026. As of September 8, 2026, Greenland Energy holds 4.42% of 80 Mile's issued share capital. The company has indicated an intention to issue warrants to existing Greenland Energy shareholders following the successful completion of an offer for 80 Mile, with warrants to be issued on a one-for-one basis at a subscription price of $1.50 per share.
Greenland Energy must announce a firm intention to make an offer for 80 Mile by 5:00 p.m. on October 6, 2026, or announce that it does not intend to make an offer. The company reserves the right to waive pre-conditions and amend the terms of the offer, including the mix of consideration, subject to the approval of the Panel on Takeovers and Mergers.
