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 advised Schütz Family Office on the acquisition of Freie Internationale Sparkasse

Multinational law firm Pinsent Masons has advised Schütz Family Office on the acquisition of private bank Freie Internationale Sparkasse S.A..

Pinsent Masons named a top ten family friendly employer for fourth year in a row

Multinational law firm Pinsent Masons has been named as one of the top ten family friendly employers in the UK by work life balance charity, Working Families.

Pinsent Masons wins Insurance Team of the Year at Legal Business Awards 2020

Multinational law firm Pinsent Masons has won Insurance Team of the Year at the Legal Business Awards 2020 for its role advising Royal London on its Brexit strategy and the implementation of a cross-border reorganisation of part of its business.

People who viewed this press release also viewed

Show me all press releases

Launch Climate Change Mitigation Sustainability platform

Multinational law firm Pinsent Masons has appointed energy partner Paul Rice to lead its newly created Climate Change Mitigation and Sustainability group as it seeks to embed a coordinated, firmwide approach to the climate crisis.

Pinsent Masons advises GFG Alliance on the de-merger of SIMEC ZEN Energy

Multinational law firm Pinsent Masons has advised Sanjeev Gupta’s GFG Alliance on the de-merger of SIMEC ZEN Energy Group, GFG’s renewable energy development and retail businesses in Australia.

Transactional Services group appoints two partners in Singapore

Multinational law firm Pinsent Masons has appointed Transactional Services partners Nicholas Hanna and Mark Tan, as it grows its corporate capabilities in Singapore.

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