Ithaca snaps up North Sea Sumitomo unit

摘要

ITHACA Energy, controlled by Israel’s Delek Group, announced on March 31 it had reached a deal to acquire 100% of UK North Sea rival Summit Corp., controlled by Japan’s Sumitomo, for $224mn. The deal marks a further expansion for Ithaca in the UK North Sea, as the company bucks the trend that has seen many traditional oil and gas companies leave the high-cost region in recent years, selling their assets to private equity-backed players. It will also see Sumitomo withdraw from the North Sea completely.