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Harbour Energy Sets to Acquire Wintershall Dea for $11.2 Billion
Harbour Energy, a London-listed oil and gas company, has initiated a deal to acquire Wintershall Dea’s upstream business assets for $11.2 billion, excluding the assets in Russia. The acquisition includes E&P assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya, and Algeria, as well as carbon capture and storage (CCS) licenses in Europe.
Courtesy of Harbour Energy
BASF and LetterOne have signed a business combination agreement with Harbour Energy to transfer Wintershall Dea’s E&P business, including its producing and development assets and exploration rights in several countries, except for Ravn and assets in Russia. The agreed enterprise value for the Wintershall Dea assets amounts to $11.2 billion, including the outstanding bonds of the German energy giant.
After closing the transaction, the new shares will equate to a total shareholding in the enlarged Harbour of 54.5%, with BASF holding 39.6% and LetterOne owning 14.9% shares. Dr. Dirk Elvermann, Chief Financial Officer of BASF, underlined that the shares in Harbour that BASF will receive upon completion of the transaction offer long-term potential for value creation.
The acquisition of Wintershall Dea’s assets will further consolidate Harbour’s position in the oil and gas industry and enhance its geographic diversity, increasing its gas production and pursuing growth opportunities in multiple regions.”>Read More