Delek Group buys Ithaca Energy for $1.24bn

Delek controls a variety of natural gas exploration and production activities in the eastern Mediterranean and has an existing 19.7% shareholder in Ithaca Energy.

The offer for the remaining stake equates to roughly £1.20 per share and represents a 12% premium on Ithaca Energy’s closing share price on the Toronto Stock Exchange last Friday (3 February).

“A special committee of independent directors has fully assessed the offer...and believe the offer is fair and in the best interest of the company and its shareholders,” said Brad Hurtubise, non-executive chairman at Ithaca Energy.

It is the third such deal struck in as many weeks.

Last Tuesday (31 January), oil and gas major Royal Dutch Shell announced that it had agreed to sell $3.8 billion (£2.46bn) worth of its North Sea assets to exploration firm Chrysaor.

As part of the deal, Shell could also receive an additional $180m, dependent on the achievement of certain exploration milestones and oil prices.

Prior to that, BP sold 25% of its North Sea Magnus oilfield, a 25% stake in various pipelines and a 3% stake in the Sullom Voe Terminal to oil and gas production company EnQuest for $85 million (£68m).

According to BP, EnQuest has an option to purchase the remaining 75% interest in Magnus, a further 9% interest in the Sullom Voe Terminal and the remainder of BP’s interests in the associated pipelines for a cost of $300 million (£240m).