April 08, 2022 | Energy | Europe | Ended

Lundin Energy / Aker BP: Deal Insights

Norwegian oil major Aker BP is buying the oil and gas business of Sweden’s Lundin Energy to form the second-largest listed petroleum firm on the Norwegian Continental Shelf (NCS). The acquirer, a joint venture between Norwegian industrial company Aker (AKER NO) and BP (BP/ LN), is offering $2.2bn in cash and 272m of its shares (worth $11.7bn) after which Lundin legacy shareholders will retain shares in its remaining ‘stub’ renewable energy business. For Lundin shareholders, the merger consideration consists of USD 7.76 in cash, paid in SEK (and based on the 10-business day average FX rate preceding the third business day prior to the merger per WM/Refinitiv Spot) plus 0.950985 shares in Aker BP, in the form of Swedish Depository Receipts (SDRs). The deal is structured under...

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