Coastal Energy acquired by CEPSA

Coastal Energy Company, an international exploration and production company with principal assets in Thailand and Malaysia, successfully completed its merger under the corporate laws of the Cayman Islands with Condor Acquisition (Cayman) Limited (CACL), a newly-incorporated entity controlled by Compañía Española de Petróleos, S.A.U. (CEPSA) and in which Strategic Resources (Global) Limited (SRG) is an investor. Pursuant to the Merger, CACL acquired all of Coastal's issued and outstanding shares for aggregate consideration of approximately $2.3 billion.

Following completion of the Merger, Coastal's securities were delisted from the Toronto Stock Exchange and the AIM market operated by the London Stock Exchange plc.

CEPSA is engaged in petroleum and natural gas exploration and production activities; refining, the transport and sale of crude oil derivatives; petrochemicals, gas, and electricity. CEPSA is Spain's fourth largest industrial group in terms of turnover and has been in the market for more than 80 years. CEPSA is owned by a single shareholder, International Petroleum Investment Company, which was formed by the Abu Dhabi government in 1984.

SRG is a private investment holding company controlled by international value investor Larry Low H P.

Robert Perkins, General Counsel and Corporate Secretary, led the transaction on behalf of Coastal. Coastal was represented by Stikeman Elliott LLP with a team including Neville McClure, John Anderson, Alice Davidson and Kate DaSilva; by Cleary Gottlieb Steen & Hamilton LLP with a team including Bill Groll and Aaron Meyers (M&A); Michael Albano and Erica Bonnett (benefits); and by Ramesh Maharaj of Walkers Global.

CACL was represented by Blake, Cassels & Graydon LLP with a team including Shlomi Feiner, Pat Finnerty, Norbert Knutel, Miaomiao Shan and Robert Agar (M&A), and Bryan Bailey and Ian Caines (tax). CACL was also represented by Baker & McKenzie International with a team including, among others, Helen Bradley, Milan Radman, Ron Kirschner, Maria Boccardo and Claude Muhuza (M&A); Frances Okosi, Tom Ehrensberger and James Keeping (banking); Jordan Faykus (employment), Christopher Guldberg and Michael Poland (benefits); and by Richard Fear of Conyers Dill & Pearman.

CEPSA was represented by Freshfields Bruckhaus Deringer LLP with a team including Laurie Mcfadden, David Franco, Regina Madrazo, Tim Redman, Edmund Perry, Francisco Bachiller and Holly Williams (M&A) and Anna Annenkova (banking).


Shlomi Feiner Pat C. Finnerty Norbert Knutel Neville J. McClure Bryan Bailey John F. Anderson


Stikeman Elliott LLP Cleary, Gottlieb, Steen & Hamilton Walkers Blake, Cassels & Graydon LLP Baker & McKenzie LLP Conyers Dill & Pearman Freshfields Bruckhaus Deringer LLP