International law firm Simmons & Simmons is advising global investment banks PJT Partners (as financial adviser) and Jefferies (as sponsor) in connection with Genel Energy’s all-cash offer for Capricorn Energy.
The deal values Capricorn at approximately US$360 million (£271 million), with Capricorn shareholders receiving total cash of US$4.74 per share (comprising US$3.75 per share from Genel and a US$0.99 special dividend).
The deal, which remains subject to regulatory conditions, will bring together Genel’s assets in the Kurdistan Region of Iraq with Capricorn’s Western Desert portfolio in Egypt to create a larger, more diversified MENA focused energy company, strengthening Genel’s presence in the region and broadening its production base across two key markets. Following completion of the acquisition, Genel intends to transfer its listing to the equity shares (commercial companies) category of the Official List.
The Simmons & Simmons team supporting PJT Partners and Jefferies is being led by corporate partners Mark Chivers and Jamie Corner.
Mark Chivers commented: “We are delighted to act for PJT Partners and Jefferies on this transaction, allowing us to display both our Public M&A and UK Listing Rule sponsor-practice in a sector that is a key focus of the firm.”
