London - Leading global law firm Mayer Brown has advised Genel Energy International on the planned merger with Vallares PLC to create a London-listed oil and gas champion focused on the Kurdistan Region of Iraq.

Genel is  the largest oil producer in the Kurdistan Region of Iraq and has stakes in two world-scale producing oil fields, a major gas condensate discovery and significant exploration acreage, all in the Kurdistan Region of Iraq.

The merger will be achieved through an all-share reverse-takeover in which Vallares will issue new shares worth US$2.1 billion at a price of £10 a share to acquire 100 per cent of Genel, giving Vallares and Genel’s current owners equal stakes in the combined business. The newly enlarged company, to be renamed Genel Energy PLC, intends to publish a prospectus in October in order to get the consideration shares admitted to the standard listing segment of the Official List and to trading on the London Stock Exchange’s main market for listed securities.

Former Chief Executive of BP Tony Hayward will be Chief Executive Officer and Julian Metherell will be Chief Financial Officer. Both will sit on the Board. Nathaniel Rothschild will be a Non-Executive Director.

Rob Hamill, co-head of Mayer Brown's global Energy group, said
: "This is one of the most exciting energy deals of the year and signals a move towards consolidation of oil and gas companies in the region."

The Mayer Brown team was led by Rob Hamill, co-head of the global Energy group, with Corporate partners Kate Ball-Dodd and Richard Smith. Also on the team were Corporate associates Sam Webster, Beccy Bothamley and Jamie Coomber with Tax partner James Hill and FSRE partner Mark Compton.

Mayer Brown worked with Turkish law firm Yazici, led by Senior Partner and General Counsel of Genel, Murat Yazici.

The transaction is subject to the approval of the Kurdistan Regional Government which is expected to be given in October.

For further information:

Charlotte Ward
Senior PR & Marketing Manager, London
+44 20 3130 8547