Pinsent Masons advises Ithaca Energy on proposed takeover by Delek

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.”

Latest press releases

Show me all press releases

Pinsent Masons continues to grow its structured finance team with new partner Igor Zyskind

Multinational law firm Pinsent Masons continues the expansion of its structured finance team with the appointment of partner Igor Zyskind in its London office.

Pinsent Masons advises Puma Energy on the issuance of $500m 7.750% high yield senior notes due 2029

Multinational law firm Pinsent Masons has advised global energy company Puma Energy on the Luxembourg aspects of the successful issuance of $500m 7.750% high yield senior notes due 2029.

Pinsent Masons Advises Ithaca Energy On Transformational North Sea Merger With Eni’s UK Upstream Business

Multinational law firm Pinsent Masons is advising leading UK independent exploration & production company Ithaca Energy plc on its transformational combination with Eni S.p.A.’s UK upstream oil and gas assets, establishing Ithaca Energy as the second largest independent operator in the UKCS by 2024 production.

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons advises Puma Energy on the issuance of $500m 7.750% high yield senior notes due 2029

Multinational law firm Pinsent Masons has advised global energy company Puma Energy on the Luxembourg aspects of the successful issuance of $500m 7.750% high yield senior notes due 2029.

Pinsent Masons Advises Ithaca Energy On Transformational North Sea Merger With Eni’s UK Upstream Business

Multinational law firm Pinsent Masons is advising leading UK independent exploration & production company Ithaca Energy plc on its transformational combination with Eni S.p.A.’s UK upstream oil and gas assets, establishing Ithaca Energy as the second largest independent operator in the UKCS by 2024 production.

Pinsent Masons appoints Partner David Lister to its Forensic & Accounting Services team

Multinational law firm Pinsent Masons has hired forensic accounting specialist David Lister as partner to bolster its professional services capabilities in investigations and fraud risk management.

For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on

+44 (0)20 7418 8199 or 

Location contacts

We are processing your request. \n Thank you for your patience. An error occurred. This could be due to inactivity on the page - please try again.