Premier Oil has agreed to acquire an interest of 17 per cent in Wytch Farm for an initial cash payment of £59.39 million.
Round-up of today’s M&A deals
Premier Oil has agreed to acquire an interest of 17 per cent in Wytch Farm for an initial cash payment of £59.39 million.
The deal increases Premier’s interest in the Wytch Farm Assets from 12.38 per cent to an aggregate 30.1 per cent.
Premier intends to finance the acquisition from available cash resources.
The deal is in line with Premier’s strategy of acquiring high-quality assets in existing core areas
‘We are pleased to have this opportunity to increase our equity stake in one of our quality core producing assets to over 30 per cent. In addition, it allows us to make efficient use of Premier’s large existing pool of tax allowances,’ says Premier chief executive Simon Lockett .
Premier is being advised by Deutsche Bank AG.
Round-up of today’s M&A deals
- UBM announces 70% acquisition of US catering tradeshow business Catersource
Value: £4.1 million
Advisers: Citigate
- Recruitment and professional services company The ReThink Group has acquired the entire issued share capital of Berkley Recruitment Group
Value: £2.34 million with additional deferred consideration of up to £3.63 million dependent on the aggregate EBITDA achieved by Berkley and its subsidiaries in the year ending 31 December 2011
Advisers: Merchant Securities, Rivington Street
- Origin Enterprises buys Carrs Fertilisers
Value: £19.0 million
Advisers: Investec Investment Banking, Bankside Consultants
- Nostra Terra Oil and Gas Company has entered into an agreement with Plainsmen Partners to acquire a 16.25 per cent working interest in the Verde prospect, located in south-eastern Colorado
Value: £110,000
Advisers: undisclosed
