No golden age for North Sea M&A—Westwood

Chrysaor-Premier deal could see copycats, says consultancy, but deals will need to meet strict criteria

The swoop by UK independent Chrysaor, backed by private equity (PE) firm EIG through its Harbour Energy vehicle, on London-listed Premier Oil does not, in the view of consultancy Westwood Global Energy, necessarily herald an upsurge in M&A activity in the basin. But other corporate activity could nonetheless follow. Chrysaor’s reverse takeover is an opportunistic deal, reflecting Premier’s increasingly urgent need to refinance its debt and the PE-backed buyer’s ability to react rapidly. The good fit of the assets and potential upside from reducing tax liabilities added to the deal momentum, says Westwood, but also emphasises that the move cannot simply be added to the North Sea M&A p