The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Norton Rose and Pinsent Masons have claimed the mandates for the sale of a controlling stake in Regal Petroleum to Ukrainian bidder Energees Investments.
Corporate finance partners Paul Whitelock and Raj Karia led the Norton Rose team acting for new client Energees on the transaction, which values Regal as a whole at around £122m.
The instruction followed a referral from Ukrainian firm EnGarde, which also advised Energees on some local law matters.
Pinsents acted for longstanding client Regal, fielding a team led by corporate finance partner Jon Harris and associate Jayson Marks, who acts as relationship manager for the AIM-listed oil and gas company.
The offer, at 38p per share, was a significant increase on the original 24p bid tabled late last year. The deal was agreed after another bidder under the control of Ukrainian metals magnate Victor Pinchuk was withdrawn earlier this month.
The structure of the deal, which will ultimately see Energees control anything between 50 and 70 per cent of the company, allows existing shareholders to retain some equity.
Whitelock said the deal could offer an alternative to a stub equity offer, which gives the target company’s shareholders only limited rights.
“It’s an interesting possibility for cash bidders who want to bring in equity at a later stage,” added Whitelock. “This was a straightforward cash offer in December, and the feedback from shareholders was that they wanted some ongoing involvement.
“Instead of introducing equity, we restructured it as a partial offer.”
The deal is still subject to the shareholders’ approval, with the vote expected to take place on 11 March.