Wintershall Dea has completed the transfer of its exploration and production (E&P) business, excluding Russia-related activities, to Harbour Energy.
The $11.2bn (£8.53bn) deal included assets in multiple countries and carbon storage licences.
This strategic move follows the December 2023 agreement between Harbour Energy and Wintershall Dea’s shareholders, BASF and LetterOne.
As part of the transaction, BASF and LetterOne received $2.15bn in cash and new shares in Harbour Energy, resulting in a 54.5% ownership of the enlarged Harbour entity.
The enterprise value of the Wintershall Dea assets was agreed at $11.2bn, which included the transfer to Harbour Energy of Wintershall Dea’s outstanding bonds valued at approximately $4.9bn.
The deal excluded Wintershall Dea’s Russian assets but included production and development assets as well as exploration rights in Algeria, Argentina, Denmark (excluding Ravn), Egypt, Germany, Libya (excluding Wintershall AG), Mexico and Norway, as well as Wintershall Dea’s carbon storage licences.
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By GlobalDataWintershall Dea’s remaining portfolio includes its stakes in Russian joint ventures, interests in Wintershall AG in Libya, Wintershall Noordzee BV in the Netherlands and a share in Nord Stream AG.
The company announced its exit from Russian operations in January 2023.
Following the transaction with Harbour Energy, Wintershall Dea will focus on managing claims related to the expropriation of its Russian assets, divesting the remaining assets, restructuring, and eventually shutting down its headquarters in Kassel and Hamburg.
BASF views the closure of this transaction as a decisive step towards fully separating from the oil and gas sector, offering the chance to monetise its stake in Harbour Energy.
The transaction affects around 800 employees at Wintershall Dea’s headquarters, with a reconciliation of interests and a social plan already negotiated for the workforce.
In the upcoming weeks, Wintershall Dea AG will transition to a limited liability company, operating as Wintershall Dea GmbH, marking a significant change in its corporate structure post-transaction.
