Slaughter & May and Ashurst Perkins Coie advised on Serica Energy’s £145.7 million acquisition of Pharos Energy.

Serica Energy plc, the leading British independent upstream oil and gas company, has agreed to acquire Pharos Energy plc by way of a recommended cash offer to be implemented through a court-sanctioned scheme of arrangement. The transaction values Pharos at approximately £145.7 million on a fully diluted basis.

Under the terms of the acquisition, Pharos shareholders will receive 32.6683 pence per share, comprising 28.6683 pence in cash and a 4.0 pence special dividend to be paid from Pharos’ existing cash resources. Eligible shareholders will also retain the 0.9317 pence final dividend for the financial year ended 31 December 2025. The offer represents a premium of more than 20% over the value payable under a previously announced competing offer from Ratio Petroleum Energy. Completion is expected in the first half of 2027, subject to customary regulatory approvals in Vietnam and Egypt.

Slaughter and May advised Serica Energy on the acquisition.

The corporate team comprised Partners Hywel Davies and Alex Dustan, Associates Rory Flynn and Fiona McLean, and Trainees Nik Dzhambov and Sam Papps. The employment and incentives team comprised Partner Phil Linnard and Associates Helen Thompson and Gwladys Tournier. The infrastructure, energy and natural resources team comprised Senior Counsel Iain McCann and Associates Enrique Fajer, Ivo Trice and Annie Simm.

Ashurst Perkins Coie advised Pharos Energy on the recommended takeover.

The team was led by Partners Tom Mercer and Julia Derrick, with support from Senior Associate Millie Gibbs, Counsel John Papadakis, and Associates Patrick Chambers, Amelia Howison, and Ismail Afzal.