UK-based oil and gas producer Pharos Energy is set to be acquired by Israeli energy company Ratio Petroleum after its board approved a cash takeover offer.

The proposed acquisition will give Ratio Petroleum control of the London-listed company, which operates oil and gas assets in several countries. The transaction remains subject to regulatory and shareholder approvals.

Pharos Energy, formerly known as Soco International, is involved in the exploration and production of oil and gas and has maintained operations across international markets.

The deal is expected to strengthen Ratio Petroleum’s position in the global energy sector as it seeks to expand its portfolio through the acquisition of producing assets. Further details are expected as the companies move ahead with the approval process.