Legendary Texas Oilman Oscar Wyatt Receives $500 Million in Deal with Malaysian Investor
Legendary oilman Oscar Wyatt earned a fat check today. CoastalEnergy, the Toronto and London-listed oil company in which Wyatt owns a 25% stake, agreed to be acquired for C$2.3 billion in cash, or C$19 a share. The buyers, who are paying a 28% premium to the previous day’s close, include the Abu Dhabi-controlled Compania Espanola de Petroleos (CEPSA) as well as Malaysian playboy investor Jho Low (friend of Paris Hilton, Usher, and Middle Eastern royalty – more on him later).
Assuming Wyatt, 89, hadn’t sold his shares since the company’s last filing, his cut of the take will be on the order of $500 million.
What a great comeback. Wyatt has long been a legend in the Texas oil patch, while his ageless wife Lynn Wyatt (“Socialite of the Century” and pal of Andy Warhol, Karl Lagerfeld, Mick Jagger, etc) has presided for decades over Houston society.