Slaughter and May advised INEOS in connection with its proposed acquisition of DONG Energy’s Oil & Gas Business
Slaughter and May advised INEOS in connection with its proposed acquisition of the entire Oil & Gas Business of DONG Energy A/S. Under the terms of the agreement INEOS will pay DONG Energy a headline price of $1.05 billion plus contingent consideration of up to $250 million.
The business being acquired includes oil and gas assets in Denmark, Norway and the UK which produced 100,000 barrels of oil equivalent per day in 2016 and with around 570 million barrels of oil equivalent of commercial and potential reserves. It is expected that around 440 staff will transfer to INEOS on completion. The acquisition will further strengthen INEOS’ existing upstream activities, which were founded on the acquisition of UK portfolios from DEA and Fairfield in 2015, and more recently the proposed acquisition of the Forties Pipeline System from BP, on which Slaughter and May also advised.