Serica Energy plc (AIM:SQZ) entered into an agreement to acquire TAILWIND ENERGY INVESTMENTS LTD from TAILWIND ENERGY HOLDINGS LLP for approximately £370 million on December 20, 2022. Under the terms of transaction, 111.048124 million shares and £58.7 million cash will be paid. It will also take on Tailwind's £277m debt.

Mercuria will end up with a 25.2% stake in Serica and have two directors on its board. The deal boosts Serica's North Sea production by 70pc. The closing of the acquisition is subject to customary conditions, including the approval of Serica’s shareholders and regulatory approvals, among others, and is expected to close by the end of March 2023.

As of January 9, 2023, under the terms of the SPA for the acquisition of Tailwind Energy Investments Limited, Mercuria has nominated two new non-executive directors, Guillaume Vermersch and Robert Lawson, who will join the Board upon completion of the transaction and subject to due diligence. As of January 27, 2023, the share holders of Serica Energy plc approved this transaction. Susie Davies, James Thompson and Oliver Pendred of Baker & Mckenzie LLP, London acted as legal advisor to Tailwind Energy Holdings LLP.

Tony White, Will Soutar and George Chrysostomou of Jefferies International Limited acted as financial advisors to Serica. James McEwen and Murray Yuill of Rothschild & Co acted as financial advisors to Serica Energy plc. Steven Dalton, Mark Bardell, William Breeze and Isaac Zailer of Herbert Smith Freehills acted as legal advisors to Mercuria Energy Group regarding the sale of Tailwind Energy Investments Ltd to Serica Energy plc.

Richard Crichton of Peel Hunt LLP acted as financial advisor to Serica Energy plc (AIM:SQZ). Nick Williamson, Adrian Lawrence, Tim Gummer, Ruth Buchanan, John Gordon, Tom Cummins and Steven Vaz of Ashurst acted as legal advisor to Serica Energy plc. As of March 21, 2023, shareholders of Serica Energy approved the deal.