Deals
Hayward’s Vallares to Gain Iraq Fields in $2.1 Billion Deal
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Vallares Plc, the investment vehicle led by BP Plc’s former Chief Executive Officer Tony Hayward, will merge with Turkey’s Genel Energy International Ltd. in a $2.1 billion deal to gain oil fields in Iraq’s Kurdistan region.
The transaction will be completed as an all-share reverse takeover and leave current holders of Vallares and Genel Energy with equal stakes. The new company will trade in London as Genel Energy Plc, headed by Hayward as CEO.