Deal Description: May 20, 2019 – Naphtha Israel Petroleum Corporation Ltd. (NFTA-IL: Tel Aviv Stock Exchange) (“Naphtha”) has agreed to acquire all of the outstanding publicly held common stock of Isramco, Inc. (NASDAQ CM: ISRL) (“Isramco”), an oil and gas company with offshore operations in Israel and onshore operations in the United States. The consideration will consist of $121.40 in cash for each share of Isramco common stock. Naphtha and its affiliates beneficially own approximately 73.0% of the outstanding Isramco common stock. The transaction is subject to shareholder approval from Isramco and customary closing conditions and regulatory approvals. If completed, the merger will result in Isramco becoming a privately held company and Isramco’s common stock would no longer be listed on the NASDAQ Capital Market.
Baker Botts L.L.P. represented Naphtha in the transaction.
Outside Counsel to Naphtha: Baker Botts L.L.P.
Outside Counsel to Isramco’s Special Committee: Norton Rose Fulbright US LLP
Financial Advisor to Isramco’s Special Committee: Duff & Phelps, LLC
Baker Botts Lawyers/Office Involved:
For more information, please see Isramco’s and Naphtha’s news release.
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