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Announced

GNPC and Kosmos Energy to acquire Ghana assets of Occidental for $750m.

Financials

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Transaction Value£551m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Integrated Oil and Gas

oil and gas assets

Majority

Single Bidder

Ghana

Cross Border

Private

Friendly

Acquisition

Pending

Synopsis

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Ghana National Petroleum, the state agency responsible for the exploration, licensing, and distribution of petroleum-related activities in Ghana, and Kosmos Energy, an American upstream oil company, agreed to acquire Ghana assets of Occidental, an American company engaged in hydrocarbon exploration, for $750m. "With this transaction, we have achieved our post-Colombia divestiture target. Proceeds from the Ghana asset sale will be applied to debt reduction. Combined, our divestiture program and free cash flow generation have enhanced our ability to reduce debt, as evidenced by the $4.5bn we have repaid year to date. We remain committed to creating value for our shareholders through our deleveraging efforts," Vicki Hollub, Occidental President and CEO.

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