Slaughter and May is advising the Alpha Petroleum group in connection with the sale of the Waldorf group to a wholly-owned subsidiary of Harbour Energy plc. The Alpha Petroleum group is one of the largest creditors of the Waldorf group.
The sale has an effective date of 1 January 2025 and the consideration payable at completion is estimated to be $170 million after customary locked-box consideration adjustments. The consideration will be allocated between those creditors of the Waldorf group whose claims are to be settled in connection with the transaction. Completion of the sale is subject to a number of conditions, including regulatory approval and the settlement of certain liabilities of the Waldorf group, including liabilities owed to the Alpha Petroleum group. The transaction will also involve restructuring plans under Part 26A of the Companies Act 2006.
The Alpha Petroleum group is advised and managed by Shorelight Partners, which invests in businesses throughout the energy value chain with a geographic focus in Europe and other low risk jurisdictions.