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News Feb 06, 2017

Shearman & Sterling Advises Delek on Its Offer to Purchase All Common Shares of Ithaca Energy

Shearman & Sterling is advising Delek on its recommended cash offer for the entire issued share capital of Ithaca Energy Inc. at a price of C$1.95 per share, valuing Ithaca at an equity value of approximately C$841 million (US$647 million).

Delek is Israel’s dominant integrated energy company and a pioneering leader of natural gas exploration and production activities, especially in the Eastern Mediterranean’s Levant Basin. In addition to its natural gas activities, Delek manages and is developing a broad portfolio of exploration, development and production assets in the energy sector, as well as number of assets in downstream energy, water desalination and in the finance sector.

Ithaca is an independent operator in the oil and gas sector in the North Sea, and owns income-generating assets and assets under development, including the new production hub in the Greater Stella Area of the Central North Sea. It is incorporated in Canada with headquarters in Aberdeen, Scotland.

The Shearman & Sterling team included partners George Karafotias(London-Mergers & Acquisitions), Matthew Powell (Abu Dhabi-Mergers & Acquisitions) and Simon Letherman (London-Tax); Jacques McChesney (London-Capital Markets), Ronan Wicks, Peter Hayes and Patrick Clancy (all London-Finance);counsel Michael Scargill (London Mergers & Acquisitions), Sam Whitaker (London-Corporate Governance), George Milton (London-Antitrust), Mehran Massih (London-Environmental), Anthony Lepere (London-Projects Development & Finance) and Leona McManus (London-Finance); and associates Andy Zwecker, Caitlin Ludwigsen (both London-Mergers & Acquisitions), Shane Burke (London-Finance), Elizabeth Emerson (London-Tax) and Ruba Noorali (London-Mergers & Acquisitions).