Hogan Lovells has advised MOL Group on its agreement to acquire the entire issued share capital of Wintershall (UK North Sea) for a base consideration of $375m (£230m), subject to adjustment at closing.
The closing, which is expected to take place in the first quarter of 2014, is subject to the approval of the Department of Energy & Climate Change (DECC) and the
consent of third-party partners related to the ownership interests.
The acquisition will provide MOL Group with the opportunity to increase its reserves, enhance its offshore experience and acquire a foothold in the attractive North Sea area.
The Hogan Lovells team advising MOL Group was led by London corporate energy partner Steven Bryan and senior associate Oscar Johnson, supported by associates Alex Browning and Matteo Matteucci, with tax advice from of-counsel Andy Treavett and senior associate Fiona Bantock.