White & Case LLP has advised Harbour Energy Limited (Harbour Energy), the energy investment vehicle managed by EIG Global Energy Partners (EIG), on its agreement to lead the US$3 billion acquisition by Chrysaor Holdings Limited (Chrysaor) of a diversified portfolio of oil and natural gas assets in the North Sea from Shell UK and its affiliates.
"We've scored a fantastic January hat trick, advising Harbour Energy on its acquisition as well as two deals for Bridgepoint with a combined total value of around US$5 billion," said London-based White & Case partner Ian Bagshaw, who led the Firm's deal teams on all three matters.
"White & Case is a leading adviser in the global oil & gas industry, and our cross-practice and cross-border deal team showcased the experience and capabilities our clients rely on when pursuing their most complex and strategically important deals."
Since the start of 2017, White & Case has also advised Bridgepoint and Nordic Cinema Group Holding AB, the largest theatre exhibitor in Scandinavia, the Nordics and the Baltics, on the latter's US$929 million sale to AMC Entertainment Holdings, Inc., the world's largest movie exhibition company; and Bridgepoint on its £750 million acquisition of Zenith, the UK's largest independent vehicle leasing business, from private equity firm HgCapital.
White & Case ranked number one by deal value for global M&A in 2016, according to both Bloomberg and Mergermarket. The Firm advised on 319 announced deals in excess of US$665 billion, according to Mergermarket, ranking number two by value for US M&A, number two by value for European M&A, and number five by value for Asia-Pacific M&A. In the UK, Mergermarket ranked White & Case number two by deal value.
The Harbour Energy deal creates the UK's leading independent oil and gas company focused on the North Sea. The assets include Shell interests in ten operated and non-operated fields, associated infrastructure and midstream assets and around 400 employees. Harbour Energy, together with funds managed by EIG, will provide Chrysaor with up to US$1 billion to support the acquisition and provide future growth capital. The remainder of the capital required for the acquisition will be provided by lenders.
Harbour Energy is an energy investment vehicle established by EIG and the Noble Group to pursue control and near control investments in high quality upstream energy assets globally. EIG specializes in private investments in energy and energy-related infrastructure on a global basis, and since 1982 has been one of the leading providers of institutional capital to the global energy industry. Chrysaor is a private company established in 2007 which focuses on generating superior equity returns by developing and commercialising oil and gas incremental resources.
The White & Case team which advised on the transaction was led by partners Ian Bagshaw and Richard Jones (both London) and included partners Tom Bartlett, Martin Forbes, Michael Wistow, David Baker (all London) and Mark Powell (Brussels), and associates Nicole Vella, Linford Coates, Adnan Bekdur, Johanna Hayward, Nic Kennedy, Paul Harrington, Henry Brendon (all London) and Marika Harjula (Brussels).
