L1 becomes minority shareholder in Harbour Energy plc after completion of transfer of Wintershall Dea assets
L1, together with BASF, has completed a transfer of the majority of Wintershall Dea’s upstream business to Harbour, the largest London-listed independent oil and gas company, for a total consideration of $11.2 billion.
As a result of the transaction, L1’s 14.87% shareholding in Harbour comprises 251,488,211 non-voting, non-listed convertible ordinary shares with preferential rights (“preference shares”). L1’s preference shares give it full exposure to the potential increase in Harbour’s valuation while providing a 13% premium on any dividends paid.
L1 is committed to making long term investments in businesses that matter. L1 is proud to be part of a bigger, stronger UK energy business that will bolster energy security, increase investment and create jobs while helping deliver the nation’s ambitious energy transition goals.
L1’s advisers for the transaction were Société Générale, Moelis, Akin and Hogan Lovells.