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BP To Sell Five Southern African Marketing Businesses To Puma Energy: BP is Divesting its Non Core Assets - Deal Analysis
GlobalData, Dec 2010, Pages: 7
BP To Sell Five Southern African Marketing Businesses To Puma Energy: BP is Divesting its Non Core Assets - Deal Analysis From GlobalData
Summary
BP p.l.c. (BP) entered into an agreement to sell its fuels marketing businesses in Namibia, Botswana and Zambia, to Puma Energy International B.V. (Puma Energy), a mid-stream and downstream oil company. In addition, BP has also agreed to sell its 50% interest in each of BP Malawi and BP Tanzania to Puma Energy, subject to the pre-emption rights of its co-shareholders (Press Corporation Limited in Malawi and the Government of Tanzania in Tanzania). The total consideration for the transaction is valued at $296m in cash, subject to certain post-completion price adjustments. The five businesses in which BP is selling its interests supply commercial fuels, aviation fuel, lubricants, and a total of almost 190 service stations across the five countries. They also own and operate storage depots and import terminals, located in Namibia. The decision to divest these businesses, which was first announced by BP in March 2010, followed a strategic review of BP's southern African refining and marketing businesses. The sales do not include BP's refining and marketing businesses in Mozambique or South Africa. The sale in each country is subject to different regulatory approvals as required and it is expected that the sale of BP Botswana will complete in 2010 with completion in the other countries to take place in 2011
Scope
- BP is divesting its assets to pay cleanup cost for Gulf of Mexico oil spill
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, And Joint Ventures taking place in North American Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the US oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions
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