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Announced

Completed

Africa Oil completed the acquisition of a 50% stake in Petrobras Oil and Gas for 519m.

Financials

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Transaction Value£407m
Consideration TypeContingent Deferred Consideration, Cash
Capital Owned-
Capital Bid For50%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Private Equity

Integrated Oil and Gas

Private

integrated oil & gas

Acquisition

Majority

Completed

Friendly

oil and gas

Netherlands

Single Bidder

Synopsis

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Africa Oil completed the acquisition of a 50% stake in a Dutch-based oil and gas division of Petrobras, a semi-public Brazilian multinational corporation in the petroleum industry, for $519m. "We are very pleased to have acquired an interest in these established, low unit cost, producing assets with additional appraisal and development upside, that are operated by some of the best companies in the industry. With the addition of production and cash flow, Africa Oil is transforming into a significant, Africa-focused independent E&P company. Combining these assets with our Kenya development project and exploration portfolio, we believe that Africa Oil has tremendous growth potential in a range of oil price scenarios," Keith Hill, Africa Oil CEO.

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