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October 5, 2018

M&As this week: BASF, Neptune Energy, RockRose Energy

BASF has entered a definitive agreement with LetterOne to merge Wintershall and DEA Deutsche Erdoel AG (DEA) to form a joint venture (JV) named Wintershall DEA.

BASF has entered a definitive agreement with LetterOne to merge Wintershall and DEA Deutsche Erdoel AG (DEA) to form a joint venture (JV) named Wintershall DEA.

All of LetterOne’s shares in DEA will be donated to Wintershall, as part of the agreement. BASF will hold a 67% stake in the JV, while LetterOne will hold the remaining 33% stake in the form of ordinary shares.

BASF will acquire additional preference shares in the gas transportation business of Wintershall, upon completion of the merger. The preference shares will be converted into ordinary shares of Wintershall DEA after 36 months, and BASF will then hold a 72.7% stake in the new JV.

“The transaction enables Neptune Energy to expand its position in key areas with high-quality and complementary assets.”

The new JV company will be an independent European exploration and production company headquartered in Kassel and Hamburg, Germany.

Both involved in the exploration and production of hydrocarbons, Wintershall is a wholly owned subsidiary of BASF, while DEA is a wholly owned subsidiary of LetterOne.

All the entities involved in the transaction are based in Germany.

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Neptune Energy Group has completed the acquisition of VNG Norge AS, following an agreement signed in June 2018.

The transaction added three producing fields, two development projects and 42 licences to Neptune Energy’s portfolio.

Neptune Energy and VNG Norge are both oil and gas exploration and production companies, based in the UK and Norway, respectively.

The transaction enables Neptune Energy to expand its position in key areas with high-quality and complementary assets.

RockRose Energy has acquired Dyas B.V. for € 77.3m ($89m).

Based in the UK, RockRose Energy is an independent oil and gas production and infrastructure company, while Dyas B.V. is a Norwegian company engaged in the exploration, development and production of oil and gas and a subsidiary of SHV Holdings N.V.

The acquisition will strengthen RockRose’s business in the North Sea.

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