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The company, which mainly operates in the Commonwealth of Independent States and the Russian Federation but is listed on the London Stock Exchange, stands to sell its entire issued and to-be-issued ordinary share capital to OVL subsidiary Bidco.
OVL's offer values Imperial's share capital at £1.4 billion. Current shareholders would receive £12.50 in cash per share - a premium of 62 per cent.
Commenting on the deal, Imperial's chief executive Peter Levine said: "I would like to thank all of our investors for their support in allowing us to progress from AIM with a market capitalisation of approximately £2 million in 2004 to a FTSE 250 company with a value […] of over £1.4 billion just four years on."
In June, OVL announced an annual production growth, year-on-year, of 11 per cent - its highest ever oil and gas production from overseas assets.
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