Ogier in the British Virgin Islands (BVI) has advised NASDAQ-listed special-purpose acquisition company Infinity Cross Border Acquisition Corporation on the BVI legal aspects of its proposed business combination transaction with Glori Energy, an oil technology company that deploys its proprietary AERO system to significantly increase oil production from mature oil fields.
Following completion of the transaction, which values Glori at approximately $185m (£112m), the new enterprise will be called Glori Energy and is expected to be listed on the NASDAQ Capital Market under the ticker symbol GLRI.
Infinity’s sponsors are funds affiliated with Infinity Group, an $800m private equity fund, and an affiliate of Hicks Equity Partners, the private equity investment vehicle of the family of Thomas O Hicks.
The transaction is scheduled to close late in the first quarter or early in the second quarter of 2014.
Ogier acted as BVI legal counsel to Infinity, with New York-based firm Ellenoff Grossman & Schole acting as Infinity’s transaction counsel.
The Ogier team comprised Simon Schilder (partner) and Michael Killourhy (senior associate).