A&O, Arthur Cox and Mason Hayes act on sale of £1.2bn stake in Dragon Oil
Allen & Overy (A&O) has taken a lead role for Emirates National Oil Company (ENOC) on its £1.2bn acquisition of the outstanding 48.5% stake in Dragon Oil. The magic circle law firm was instructed by the UAE company on its purchase of Dragon's remaining shares. ENOC already owned the other 51.5% of London and Ireland-listed Dragon.
November 11, 2009 at 05:55 AM
2 minute read
Allen & Overy (A&O) has taken a lead role for Emirates National Oil Company (ENOC) on its £1.2bn acquisition of the outstanding 48.5% stake in Dragon Oil.
The magic circle law firm was instructed by the UAE company on its purchase of Dragon's remaining shares. ENOC already owned the other 51.5% of London and Ireland-listed Dragon.
London corporate partner Dominic Morris led a City-based team for the firm, with finance partner Philip Bowden, tax partner Patrick Mears and environment partner Matthew Townsend also involved.
The acquisition is expected to be agreed under Irish law, with Ireland's Arthur Cox instructed to advise on local law. Dublin corporate partner Maura McLaughlin is leading for the firm.
Dragon Oil turned to Dublin-based Mason Hayes & Curran for advice, with corporate chairman Paul Egan and fellow partner Justin McKenna advising.
Morris commented: "This acquisition marks an important step in ENOC's strategy of building a vertically integrated oil and gas group with a strong upstream position."
The deal comes after a raft of recent consolidation in the oil sector, with a trio of large firms winning roles on Gazprom's £1bn purchase of a 51% stake in Italy's SeverEnergia from Enel and Eni.
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