Case study
Gneiss advises the Prax Group on the acquisition of Hurricane Energy
Gneiss Energy advises the Prax Group on its acquisition of Hurricane Energy for a consideration of up to £249 million.
Gneiss Energy has successfully supported the Prax Group on its acquisition of Hurricane Energy Plc.
The acquisition consists of:
The deal represents the first strategic step for Prax in building a sizeable upstream business in the North Sea, complementing its midstream and downstream activities to create an integrated business. Hurricane provides a platform from which Prax's upstream division will grow.
The link to the scheme announcement is here.
The acquisition consists of:
- dividends of £103 million (5.19p/share);
- cash consideration of £17 million (0.83p/share); and
- Deferred Consideration Unit of up to £129 million (6.48p/share), based on future revenue generated by Hurricane.
The deal represents the first strategic step for Prax in building a sizeable upstream business in the North Sea, complementing its midstream and downstream activities to create an integrated business. Hurricane provides a platform from which Prax's upstream division will grow.
The link to the scheme announcement is here.
Project team
Jon Fitzpatrick
Managing Director
Paul Weidman
Head of Oil and Gas
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