Brooge Petroleum to list on Nasdaq in reverse merger worth $1bn

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Brooge Petroleum & Gas Investment Co. plans to list on the Nasdaq this year after agreeing to a reverse merger with Twelve Seas Investment Co. in a deal valued at about $1 billion.

United Arab Emirates-based Brooge operates an oil storage and services business. Twelve Seas is a so-called blank check company, a type of firm that raises money in public markets and plans to acquire or merge with other businesses. Twelve Seas first sold shares to investors in June.

Brooge will own 78 percent of the combined company if the transaction terms are met, according to a statement. The deal is expected to be completed this year at the end of the second quarter or early in the third quarter.

Brooge was founded in 2013 with storage assets in the UAE port of Fujairah. The company will continue to be led by its current management team including CEO Nicolaas Paardenkooper, and its headquarters will remain in Fujairah.

Brooge plans to increase its storage capacity to 1 million cubic meters by late in the second quarter or early in the third quarter of 2020