Total acquires Maersk Oil for $7.45bn
Total has acquired Maersk Oil & Gas A/S from A.P. Møller – Mærsk A/S for US$7.45 billion.
The combination of assets of Total and Maersk Oil in the North Sea is expected to generate synergies of more than $400 million per year and will position Total as the second largest operator in the North Western Europe.
For A.P. Moller – Maersk, the acquisition will free up resources to create an integrated transport and logistics company, contributing significantly to upholding its strong capital structure. It’s also part of the company’s strategic decision to separate its energy businesses.
Denmark will become the regional hub for all Total’s operations in Denmark, Norway and the Netherlands, based on Maersk Oil’s capabilities and strong position in the North Sea region.
“Internationally, in the US Gulf of Mexico, Algeria, East Africa, Kazakhstan and Angola there is an excellent fit between Total and Maersk Oil’s businesses allowing for value accretion through commercial, operating and financial synergies,” added Patrick Pouyanné, Chairman and CEO, Total.
The agreement is subject to approval of relevant competition authorities. Closing is expected to take place during first quarter, 2018.
