Delek £518 million acquisition of Ithaca Energy

Overview:

• Delek Group has made a bid to acquire Ithaca Energy for £518 million.
• The deal sees Delek make an offer valued at C$1.95 a share.
• Ithaca Energy is a Aberdeen based oil and gas operator listed in Toronto and London that has a 55% stake in the Stella field in the North Sea.
• Delek is an Israeli energy company focused on natural gas exploration and production. It has activity in the Eastern Mediterranean Levant basin.
• Delek also bought a 13.18% stake in another Aberdeen based company Faroe Petroleum in December 2016.
• The deal is a latest in a string of North sea deals completed in the past few months including Chrysaor Holdings' £3 billion acquisition of Shell North Sea oil assets and Siccar Point Energy's $1 billion acquisition of OMV UK.

Sam Duke - Editor