06 Feb 2017 | 01:49 pm |
International law firm Pinsent Masons has advised North Sea-focused oil and gas operator Ithaca Energy Inc on a takeover bid valuing the business at US$1.24bn.
Under the proposed deal Israeli-listed Delek Group will increase its 19% shareholding with a cash takeover offer. Delek proposes to buy Ithaca for 120p per share. The offer values Ithaca’s equity at US$646m and gives the company an enterprise value of US$1.24bn. It has been unanimously recommended by Ithaca’s Board. Ithaca is dual-listed on the Toronto and London Stock Exchanges, and is headquartered in Aberdeen.
The Pinsent Masons team was led by Head of Corporate Finance Rosalie Chadwick with assistance from Brian Thumath and Nick McManus. Last year Chadwick advised Total on the disposal of £585m of North Sea assets.
Rosalie Chadwick says:
“We have a relationship with Ithaca dating back a number of years and are delighted to be involved in this next major milestone for the business. It caps of a busy start to the year which has seen a renewed level of interest in North Sea assets as prices have stabilised and expectations adjusted.”
Brad Hurtubise, Ithaca chairman, says:
“We are very pleased to announce the offer, which provides an attractive opportunity for all shareholders to secure a premium cash value for their investment following a sustained period of share price growth and at a favourable point in the company’s evolution.”
Multinational law firm Pinsent Masons has advised NTR PLC on the acquisition of a 54MW portfolio of co-located solar and battery storage projects in County Wexford, Ireland, from renewable energy developer RES.
Multinational law firm Pinsent Masons has advised propco investor LDC Care Homes and its asset and investment manager Elevation Advisors on the migration of a care homes portfolio from Four Seasons Health Care Group (FSHC) to new operators.
Multinational law firm Pinsent Masons has advised Teva Pharmaceuticals’ subsidiary, Actavis Group PTC, on the successful €84m sale of a suite of consumer healthcare products to Karo Pharma AB (Karo).
Multinational law firm Pinsent Masons has been appointed to the UK Government's new Trade Law Panel in an international consortium with BakerHostetler in the USA, and Fasken in Canada, to advise on international trade law disputes.
Multinational law firm Pinsent Masons has won Belt and Road Deal of the Year and Overseas Deal of the Year awards for the firms work on the Red Sea Tourism Mega Project in Saudi Arabia and Mexico City's Subway Line Construction Project respectively.
Multinational law firm Pinsent Masons has hired infrastructure partner David Ulbrick to its team in the Perth office.
For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on