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October 7, 2020

Premier Oil and Chrysaor agree ‘reverse takeover’ deal

UK oil and gas company Premier Oil has signed an agreement with Harbour Energy’s UK operating company Chrysaor regarding a proposed 'all-share merger' between Premier Oil and Chrysaor.

By Himaja Ganta

UK oil and gas company Premier Oil has signed an agreement with Harbour Energy’s UK operating company Chrysaor regarding a proposed ‘all-share merger’ between Premier Oil and Chrysaor.

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According to Premier Oil, the deal will create the largest independent oil and gas company listed on the London Stock Exchange (LSE) with combined production of over 250,000 barrels of oil equivalent per day.

The deal will ensure that Premier’s creditors are paid $1.23bn in cash.

Premier Oil CEO Tony Durrant said: “There is significant industrial, commercial and financial logic to creating an independent oil and gas company of this size with a leading position in the UK North Sea.

“The transaction will also provide the Combined Group with a solid foundation from which to pursue a fully funded international growth strategy.”

Premier’s $2.7bn gross debt total will be ‘repaid and cancelled’ on completion of the transaction, which is subject to receiving necessary regulatory and shareholder approval.

Chrysaor shareholders will have at least a 77% ownership with Premier shareholders taking up to 5.45% of the combined group. Other Premier stakeholders will make up the rest of the ownership.

Harbour Energy, Chrysaor’s largest shareholder, will own approximately 39% of the combined entity.

Chrysaor CEO Phil Kirk said: “Through this deal, we will become the UK’s largest London-listed independent E&P by all key metrics.

“With our combined organisation and operatorship of a large part of our now international portfolio, we will have the ability to deliver value safely and play our part in the energy transition.”

Related Companies

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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