BASF completes sale of Wintershall Dea E&P business to Harbour Energy

The exploration and production (E&P) business of Wintershall Dea (excluding Russia-related activities) was transferred to Harbour Energy plc on September 3, 2024. It includes production and development assets as well as exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya (excluding Wintershall AG), Egypt and Denmark (excluding Ravn) and carbon storage (CCS) licenses of Wintershall Dea.

In exchange, the shareholders of Wintershall Dea - BASF (72.7%) and LetterOne (27.3%) - received a total cash consideration of USD 2.15 billion (BASF shares: USD 1.56 billion) and new shares issued by Harbour, equivalent to an enlarged total shareholding of Harbour of 54.5% and BASF shares of 39.6%.

The agreed enterprise value of the assets of Wintershall Dea is USD 11.2 billion. The amount includes the outstanding Wintershall Dea bonds with a nominal value of approximately USD 4.9 billion, which were also transferred to Harbour at the closing of the transaction.

With the closing of the transaction, which is expected to take place in December 2023, BASF has taken a decisive step towards achieving the final separation from its oil and gas business.

As Harbour is listed on the London Stock Exchange, the transaction creates the opportunity to monetize BASF’s stake in the combined company without further intermediate steps.

“The Harbour Energy stake offers significant value creation potential and enables BASF to exit our financial involvement in the company in a gradual and optimal manner over the coming years,” said Dr. Dirk Elvermann, Chief Financial Officer of BASF SE.