BASF and Letter One to Divest Wintershall Dea's E&P Business

Multi-Billion-Dollar Deal BASF and Letter One to Divest Wintershall Dea's E&P Business

2024-01-03 Source: BASF 1 min Reading Time

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BASF SE

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On December 21, 2023, BASF, Letter One and Harbour Energy reached an agreement on the future of Dea Wintershall's exploration and production business. The business, excluding Russia-related activities, is to be transferred to Harbour Energy.

Wintershall Dea's E&P business, not including activities related to Russia, is to be transferred to Harbour Energy.(Source: Wintershall Dea) — Wintershall Dea's E&P business, not including activities related to Russia, is to be transferred to Harbour Energy.
(Source: Wintershall Dea)

The shareholders of Wintershall Dea, BASF and Letter One, plan to transfer the oil and gas business to Harbour Energy. The transaction includes production and development assets as well as exploration rights and CCS licenses in several countries, excluding some specific interests. In return, the shareholders will receive a cash payment of 2.15 billion dollars and shares representing a total stake of 54.5 % in Harbour Energy. The total value of the transaction amounts to 11.2 billion dollars, including the acquisition of Wintershall Dea's bonds by Harbour.

The transaction is intended to allow BASF to strategically separate from its oil and gas business and includes the option to monetize its stake in the enlarged Harbour, which is listed on the London Stock Exchange. Wintershall Dea's head offices and employees are not part of the transaction. According to BASF, this will require further restructuring and ultimately the closure of the headquarters units in Kassel and Hamburg, which currently employ around 850 people.

At the same time, the separation of the Russia-related business will continue. BASF and Letter One will retain ownership of the Russia-related business shares. Wintershall Dea is also continuing preparations for the sale of its stake in Wiga, a joint venture active in gas transportation.

The transaction is subject to regulatory approvals and there is no guarantee of completion. Closing is targeted for the fourth quarter of 2024. In the meantime, Wintershall Dea and Harbour will continue to operate as independent companies.

(ID:49857580)

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