Maersk to sell oil, gas unit to Total for $7.45bn

Monday, 21. August 2017 08:53

A.P. Møller – Mærsk A/S, commonly known as Maersk Group, struck a deal to divest Mærsk Olie og Gas A/S, or Maersk Oil. Total SA will pay $7.45 billion in a share and debt transaction, said the announcement published on Monday.

The investor said it would give 97.5 million of its shares, valued at $4.95 billion. The package makes up 3.76% of Total, which will also assume short-term debt of $2.5 billion from the group through the company it is buying. The French oil giant will pay an interest of 3% of the enterprise value, calculated from June 30 until execution. Maersk Oil comes with decommissioning obligations of $2.9 billion.

The Danish holding said it aims to reach investment grade and return a part of the proceeds to its owners through dividends, buybacks or shares next year and in 2019. Transaction gain after tax for Maersk Group is $2.8 billion, the statement notes and adds the closing is expected in the first quarter.

Related Links: A.P. Moeller-Maersk A.S.TotalEnergies SE
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