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BASF agrees to merge energy unit with DEA

Published 12/07/2017, 02:59 PM
© Reuters.  BASF agrees to merge energy unit with DEA
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  • BASF (OTCQX:BASFY -1%) agrees to merge its Wintershall energy unit with German rival DEA to create one of Europe’s largest independent oil and gas producers.
  • The merged company, to be called Wintershall DEA, initially will be two-thirds owned by BASF and one third by L1 Energy, with a plan to list the company through an IPO “in the medium term."
  • In 2016, DEA and Wintershall had combined revenues of €4.5B and EBITDA of €2.2B, with production of ~600K boe/day and reserves of 2B barrels.
  • DEA is owned by LetterOne, the investment vehicle of Russian billionaire Mikhail Fridman.
  • Now read: OCI Partners: High Free Cash Flow, With Big Caveats


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