INTERNATIONAL law firm Pinsent Masons is advising North Sea operator Ithaca Energy on a takeover bid that values the business at $1.24 billion.
Under the proposed deal, Israel-listed Delek Group will increase its 19 per cent shareholding with a cash takeover offer that proposes to buy Ithaca for 120p per share.
The offer values Ithaca’s equity at $646 million and gives the company an enterprise value of $1.24bn.
The deal has been unanimously recommended by the board of Ithaca, which is dual-listed on the Toronto and London Stock Exchanges and is headquartered in Aberdeen.
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 £585m disposal of the St Fergus gas terminal and other North Sea infrastructure assets.
Rosalie Chadwick said: “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.”
The chairman of Ithaca, Brad Hurtubise, said: “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.”
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