M&A Deal Summary

Ithaca Energy Acquires Siccar Point Energy

On April 11, 2022, Ithaca Energy acquired oil/gas exploration company Siccar Point Energy from The Blackstone Group, GIC and Blue Water Energy for 1.5B USD

Acquisition Highlights
  • This is Ithaca Energy’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is Ithaca Energy’s 2nd largest (disclosed) transaction.
  • This is Ithaca Energy’s 2nd transaction in the United Kingdom.

M&A Deal Summary

Date 2022-04-11
Target Siccar Point Energy
Sector Oil/Gas Exploration
Buyer(s) Ithaca Energy
Sellers(s) The Blackstone Group
GIC
Blue Water Energy
Deal Type Add-on Acquisition
Deal Value 1.5B USD

Target

Siccar Point Energy

Aberdeen, United Kingdom
website
Siccar Point Energy Ltd. is a full-cycle production, development and exploration company focussed on high quality, low cost, long-life assets on the UK Continental Shelf. Siccar business now includes interests in four of the largest UK assets by remaining reserves (Schiehallion, Mariner, Cambo, and Rosebank) as well as an extensive portfolio of additional high-quality material development and exploration opportunities. Siccar Point Energy is based in Aberdeen, United Kingdom.

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Buyer(S) 1

Buyer

Ithaca Energy

Aberdeen, United Kingdom

website


Category Company
Sector Oil/Gas Exploration
DESCRIPTION

Ithaca Energy (UK) Ltd. is a North Sea oil and gas operator focused on the delivery of lower risk growth through the appraisal and development of UK undeveloped discoveries and the exploitation of its existing UK producing asset portfolio. Ithaca’s strategy is centred on generating sustainable long term shareholder value by building a highly profitable 25kboe/d North Sea oil and gas company.


DEAL STATS #
Overall 2 of 2
Sector (Oil/Gas Exploration) 2 of 2
Type (Add-on Acquisition) 2 of 2
Country (United Kingdom) 2 of 2
Year (2022) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-30 Chevron North Sea

Aberdeen, United Kingdom

Chevron North Sea Ltd. produces crude oil and natural gas from the United Kingdom North Sea. The company was incorporated in 1981 and is based in Aberdeen, United Kingdom.

Buy $2.0B

Seller(S) 3

SELLER

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 163 of 170
Sector (Oil/Gas Exploration) 5 of 5
Type (Add-on Acquisition) 63 of 66
Country (United Kingdom) 14 of 17
Year (2022) 3 of 8
Size (of disclosed) 28 of 56
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-07 Cloud Theory

New York, New York, United States

Cloud Theory is a technology firm specializing in cloud-based client-facing solutions, with significant expertise in financial services. Cloud Theory provides enterprise level consulting and delivery services in the following areas: develop strategic roadmaps, optimize business processes, engineer custom Salesforce-based solutions and provide ongoing managed services to support the full lifecycle of a firm’s interaction with their clients.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-19 American Campus Communities

Austin, Texas, United States

American Campus Communities is the nation’s largest developer, owner, and manager of high-quality student housing communities. American Campus Communities was founded in 1993 and is based in Austin, Texas.

Buy $12.8B
DESCRIPTION

GIC Private Ltd. is the investment arm of Singapore. The Group primarily invests through three investment groups, including public markets, private equity and real estate. GIC's private equity practice looks to invest in funds as well as directly in companies. GIC is based in Singapore with additional offices globally.


DEAL STATS #
Overall 9 of 10
Sector (Oil/Gas Exploration) 1 of 1
Type (Add-on Acquisition) 3 of 4
Country (United Kingdom) 2 of 2
Year (2022) 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-11 NAC

Limerick City, Ireland

NAC provides leasing and leases management services to airlines and aircraft investors worldwide. Aircraft are purchased in the primary and secondary markets and NAC is the largest regional fleet owner and aircraft lessor in the world. NAC was founded in 1990 and is based in Limerick City, Ireland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-24 Direct ChassisLink

Charlotte, North Carolina, United States

Direct ChassisLink is a provider of equipment and asset management services to the U.S. intermodal industry. DCLI provides chassis leasing and chassis/container management services to container shipping companies, railroads, terminal operators, logistics companies, motor carriers, and beneficial cargo owners through its advantaged network, information technology, and field management organization. Direct ChassisLink was founded in 2009 and is based in Charlotte, North Carolina.

Buy -
DESCRIPTION

Blue Water Energy is a private equity firm focused on building energy companies. Blue Water looks to invest up to $150 million per project with a focus on production, upstream equipment and services, and midstream/downstream equipment and services. Blue Water typically invests in partnership with experienced management teams that have a track record of value creation. Blue Water Energy was formed in 2011 and is based in London.


DEAL STATS #
Overall 4 of 8
Sector (Oil/Gas Exploration) 1 of 2
Type (Add-on Acquisition) 3 of 6
Country (United Kingdom) 3 of 3
Year (2022) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-15 IMServ

Milton Keynes, United Kingdom

IMServ is an independent energy data management provider with end-to-end energy data solutions that help organizations across all sectors make intelligent use of their energy. The company offers a range of specialist metering technology for electricity, gas, and water along with highly accurate energy data collection services. All of this is incorporated within an easy-to-view online data management analysis and reporting software platform. IMServ is based in Milton Keynes, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-01 GPS

Singapore, Singapore

GPS is a midstream infrastructure platform formed to pursue the acquisition, construction and enhancement of storage and logistics assets outside North America. GPS owns a refined product terminal in the Port of Amsterdam and has two projects under construction – an industrial services terminal in Al Hamriyah Port in Sharjah, United Arab Emirates and an LPG terminal in Port Klang, Malaysia. GPS is based in Singapore.

Sell -