Leading global law firm Baker McKenzie has advised Tailwind Energy Holdings LLP (“Tailwind”) on its proposed sale of Tailwind Energy Investments Ltd to Serica Energy plc (“Serica”) for a combination of consideration shares and cash, equivalent to £367 million, based on Serica’s closing price as of 19 December 2022.
The closing of the acquisition is subject to customary conditions, including the approval of Serica’s shareholders and regulatory approvals, among others, and is expected to close by the end of March 2023.
The transaction is significant to Tailwind and Serica as it will deliver a combined group with greater scale, increased portfolio diversity and significant capability for organic investment opportunities.
Baker McKenzie Corporate Partners Susie Davies and James Thompson, who co-led the deal, commented:
"We are delighted to have acted for Tailwind and its Founders on this milestone transaction. This is the fourth successful transaction on which we have advised the Tailwind Energy group and we are looking forward to seeing the Tailwind team take this next step with Serica, as one of the leading North Sea operators with a scale and platform to deliver on existing and future opportunities. This deal has also been a testament to the strength and breadth of our fantastic transactional team, bringing together our M&A, capital markets, tax and regulatory bench-strength with deep industry expertise."
Baker McKenzie's core team included Ben Saraci (Senior Associate), Julie Chemla (Associate), Andrew Tyau (Associate), Amber Parslow (Trainee) and Alexandra Allum-Pearce (Trainee), in the Firm's Corporate practice. They were supported by Oliver Pendred (Partner, Tax), Christopher Pilkington (Senior Associate, Tax), Ross Evans (Senior Associate, Competition, Trade and Foreign Investment), Emily Thomson (Associate, Competition, Trade and Foreign Investment), Alicia Hatvany (Associate, Corporate EMI), Silvina Rueda (Associate, Corporate EMI) and Cathal McKenna (Corporate, EMI).
The closing of the acquisition is subject to customary conditions, including the approval of Serica’s shareholders and regulatory approvals, among others, and is expected to close by the end of March 2023.
The transaction is significant to Tailwind and Serica as it will deliver a combined group with greater scale, increased portfolio diversity and significant capability for organic investment opportunities.
Baker McKenzie Corporate Partners Susie Davies and James Thompson, who co-led the deal, commented:
"We are delighted to have acted for Tailwind and its Founders on this milestone transaction. This is the fourth successful transaction on which we have advised the Tailwind Energy group and we are looking forward to seeing the Tailwind team take this next step with Serica, as one of the leading North Sea operators with a scale and platform to deliver on existing and future opportunities. This deal has also been a testament to the strength and breadth of our fantastic transactional team, bringing together our M&A, capital markets, tax and regulatory bench-strength with deep industry expertise."
Baker McKenzie's core team included Ben Saraci (Senior Associate), Julie Chemla (Associate), Andrew Tyau (Associate), Amber Parslow (Trainee) and Alexandra Allum-Pearce (Trainee), in the Firm's Corporate practice. They were supported by Oliver Pendred (Partner, Tax), Christopher Pilkington (Senior Associate, Tax), Ross Evans (Senior Associate, Competition, Trade and Foreign Investment), Emily Thomson (Associate, Competition, Trade and Foreign Investment), Alicia Hatvany (Associate, Corporate EMI), Silvina Rueda (Associate, Corporate EMI) and Cathal McKenna (Corporate, EMI).
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