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Bharat Vasandani Madhavan N. & Hari... Urvish Dave

Market & Company Research Store > Details

Year: 2012

Contents: 8 pages

Country: United Kingdom

Sector: Exploration and Production (Energy)
Cairn Energy’s Subsidiary Acquires Nautical Petroleum for $642m to Balance E&P Portfolio and Complement its Parent’s Asset Base in North West Europe – Deal Analysis from GlobalData

Summary

Capricorn Energy Limited (Capricorn) a subsidiary of Cairn Energy PLC (Cairn), agreed to acquire Nautical Petroleum plc (Nautical), for a purchase consideration of approximately £414m ($642.36m) or £4.5 ($6.98) per share. The company will fund the acquisition cost through its existing cash resources.

The offer price represents a premium of approximately 51.1% to the closing price of £2.97 ($4.61) per share on June 12, 2012, and a 45.3% premium to the average closing price of £3.098 ($4.81) per share over the three month period ended June 12, 2012.

Investec and RBC Capital Markets Inc. are acting as financial advisors, while Buchanan Communications Ltd. is acting as public relations advisor to Nautical in the transaction. N M Rothschild & Sons Limited is acting as financial advisor, while Brunswick Group LLP is acting as public relations advisor to Cairn in the transaction.

The transaction has an implied deal value of $4.34 per barrel of oil equivalent (boe) of contingent resources. The transaction is subject to the approval of shareholders of Nautical.

Scope

- Rationale behind acquisition of Nautical Petroleum by Cairn Energy
- Stratigic benefits for the companies involved in the transaction
- Geography covered - UK

Reasons to buy

- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures undertaken by Cairn and its Subsidiaries.
- Rationale behind the acquisition of NauticalPetroleum.
- Identify the reason of Cairn acquiring Nautical Petroleum

Keywords

Greenland, Valencia basin, Spain, Lebanon, Cyprus, Agora, Catcher, Tybalt, North Sea, UK and Norway
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