We are pleased to announce that we represented SOCAR, the State Oil Company of Azerbaijan, in a landmark M&A transaction within Israel’s natural gas sector. SOCAR has signed an agreement to acquire approximately 48% of Union Energy, a Maltese company controlled by Israeli businessman Aaron Frenkel, who holds a 20% stake in the Tamar gas field offshore of Israel. The Tamar gas field is a major source of Israeli natural gas as well as a source of gas export to the region and is operated by Chevron.
Additionally, as part of this transaction, SOCAR is expected to purchase from Union Energy, approximately 18% of the share capital of Tamar Petroleum Ltd. (TASE: TMRP) for approximately USD $153 million. The entire transaction is still subject to regulatory approvals and customary conditions to closing. This is a significant transaction with geopolitical ramifications for the region.
Our team was led by Simon Weintraub, Avi Anouchi, and Idan Adar. Shiri Shaham and Shai Margalit advised on capital markets matters; Ayal Hacohen and Or Belkin advised on competition law and Roni Osborne led the team on regulatory issues.
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