Aker BP to use borrowings under facility to acquire Hess Norge

By Sarah Lizee

Olympia, Wash., Oct. 24 – Aker BP ASA said it will use borrowings under its existing long-term reserve-based lending bank facility to acquire Hess Norge AS, according to a press release.

The company agreed to acquire all the shares in Hess Norge for a cash consideration of $2 billion.

The transaction will also be financed using a new equity of $500 million.

Aker BP focuses on petroleum resources on the Norwegian Continental Shelf.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.