The London office of Mayer Brown has advised on a $4.2bn merger that has created a new oil and gas vehicle for former BP chief executive Tony Hayward.
Hayward, who was famously quoted saying he wanted his life back after BP’s Gulf of Mexico oil, is to be chief executive officer of Genel Energy, the company formed by the merger of Genel Energy International and Hayward’s investment vehicle, Vallares.
Mayer Brown partner Rob Hamill led his firm’s team along with corporate partners Kate Ball-Dodd and Richard Smith. Also on the team were corporate associates Sam Webster, Beccy Bothamley and Jamie Coomber with tax partner James Hill and FSRE partner Mark Compton.
Hamill, the co-head of Mayer Brown’s global energy group, said: “This is one of the most exciting energy deals of the year and signals a move towards consolidation of oil and gas companies in the region.”
Mayer Brown also worked with Turkish firm Yazici, led by senior partner and general counsel of Genel, Murat Yazici.
The new London-listed company will focus on the Kurdistan Region of Iraq. Genel is the largest oil producer in the Kurdistan region of Iraq with stakes in two world-scale producing oil fields, a major gas condensate discovery and significant exploration acreage.
The merger will be achieved through an all-share reverse-takeover in which Vallares will issue new shares worth $2.1bn at a price of £10 each to acquire 100 per cent of Genel, giving Vallares and Genel’s current owners equal stakes in the combined business.
The transaction is subject to the approval of the Kurdistan Regional Government which is expected to be given in October.
Freshfields Bruckhaus Deringer partner Julian Makin led his firm’s team for Vallares along with corporate partners Steve Hewes and Ben Spiers.