Case study
Gneiss advises the Prax Group on the acquisition of Hurricane Energy

Gneiss Energy advises the Prax Group on its acquisition of Hurricane Energy for a consideration of up to £249 million.

Gneiss Energy has successfully supported the Prax Group on its acquisition of Hurricane Energy Plc.
The acquisition consists of:
  • dividends of £103 million (5.19p/share);
  • cash consideration of £17 million (0.83p/share); and
  • Deferred Consideration Unit of up to £129 million (6.48p/share), based on future revenue generated by Hurricane.
The innovative structure is the first of its kind for a public acquisition in the upstream oil and gas sector.
The deal represents the first strategic step for Prax in building a sizeable upstream business in the North Sea, complementing its midstream and downstream activities to create an integrated business.  Hurricane provides a platform from which Prax's upstream division will grow.
The link to the scheme announcement is here.
The Prax Group
Year completed
Smart Grid Dark
Buy-side M&A
Handshake (1)
Financial Adviser
Oil and Gas
Transaction value
Up to £249 million
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