Clifford Chance, Dechert, White & Case and Watson Farley & Williams have won roles on one of Shell’s biggest disposals in recent years.
The energy giant sought legal counsel from Clifford Chance as it completed a $3bn disposal of North Sea assets.
Clifford Chance worked alongside Shell’s in-house legal team, which is one of the largest in-house teams in the FTSE, amounting to 600 lawyers. They are led globally by legal director Donny Ching, with the UK division led by former Slaughter and May lawyer Michael Coates.
Under the terms of the deal, Shell will sell oil and natural gas assets in the North Sea to Chrysaor Holdings for $3bn.
Meanwhile Dechert, Watson Farley & Williams (WFW) and White & Case won lead mandates from the acquirer and lenders.
Dechert London partner Jonathan Angell is advising UK-headquartered Chrysaor, which has secured the deal following $1bn financing from Harbour Energy.
Harbour Energy, an investment vehicle of EIG Global Energy Partners, sought legal counsel from White & Case lead partners Ian Bagshaw and Richard Jones.
The lending banks were meanwhile advised by Watson Farley & Williams partner Joe Levin.
The deal is subject to regulatory approvals and is expected to close in the second half of 2017.
The sale follows Royal Dutch Shells’ £47bn takeover of natural gas company BG Group, which saw a number of corporate heavyweights muscle in to win roles.
Background to the deal
Royal Dutch Shell’s acquisition of BG Group was one of the largest M&A transactions ever undertaken by a FTSE 100 company.
The company turned to longstanding adviser Slaughters on the BG deal, but is not understood to have been involved here giving way to Shell panel firm Clifford Chance.
Slaughters did not make it onto Shell’s panel last year but the company’s in-house lawyers will have the flexibility to go off-panel on certain pieces of work. The global panel is made up of Allen & Overy, Baker & McKenzie, Clifford Chance, Eversheds, Norton Rose Fulbright and Reed Smith.
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