Heritage Oil today fell into the arms of the Qataris via a £924 million takeover, triggering more mega-banking fees as the City’s M&A boom continues.
Nigeria-focused oil explorer Heritage has been snapped up by Qatar investment vehicle Al Mirqab in a 320p-per-share cash offer, about 25% higher than the FTSE 250 listed firm’s last unaffected closing price.
It means a big payday for Heritage’s largest shareholder, former North Sea diver and mercenary Tony Buckingham, already the richest man in Jersey with an estimated £565 million fortune. The Conservative Party donor owns 34% of Heritage, but will pocket only £130 million for now as he has signed a deal with Al Mirqab that sees him retain a 20% stake for the next five years.
Deutsche Bank and JPMorgan Cazenove, advising the Qataris and Heritage respectively, can expect to secure fees of more than £9 million.
The American bank is also advising Pfizer on its attempted £60 billion takeover of AstraZeneca. The Viagra-maker has hired it plus Bank of America Merrill Lynch and Guggenheim Securities; Goldman Sachs, Morgan Stanley, boutique advisory firm Robey Warshaw and Evercore Partners are working for Astra. These banks can expect to share £60 million in fees.
Pfizer is wooing senior Government figures and major investors to secure support for its bid.
