Harbour Energy Signs $11.2 Billion Deal For Wintershall Dea Assets

BASF, LetterOne, and Harbour Energy plc (Harbour) recently signed a business combination agreement to transfer Wintershall Dea’s E&P business consisting of its producing and development assets and exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya (excluding Wintershall AG), Egypt and Denmark (excluding Ravn) and Wintershall Dea’s carbon capture and storage (CCS) licenses to Harbour. In exchange, at the closing of the deal, the shareholders of Wintershall Dea – BASF (72.7%) and LetterOne (27.3%) – will receive total cash consideration of $2.15 billion (BASF share: $1.56 billion) and new shares issued by Harbour equating to a total shareholding in the enlarged Harbour of 54.5% (BASF share: 39.6%).

The agreed enterprise value for the Wintershall Dea assets is $11.2 billion. This amount includes the outstanding bonds of Wintershall Dea, with a nominal value of around $4.9 billion that will be transferred to Harbour at the closing.