October 24, 2017 / 5:27 AM / a year ago

BRIEF-Aker BP in $2 billion deal to buy Norway unit of Hess

Oct 24 (Reuters) - Aker Bp Asa

* Aker bp acquires Hess Norge for a cash consideration of USD 2.0 billion

* ‍through transaction, aker bp strengthens its production and resource base, and becomes sole owner of valhall and hod fields​

* ‍transaction will be financed through aker bp’s existing long-term reserve based lending bank facility, and by issuance of usd 500 million in new equity​

* ‍issue price will be determined through a book building process​

* ‍aker asa (“aker”) and bp plc (“bp”) will subscribe for 40 per cent and 30 per cent of shares to be issued, respectively, at price determined through bookbuilding process, or minimum nok 155 per share​

* ‍in addition, aker and bp will underwrite remaining shares to be issued at nok 155 per share​

* ‍acquisition will strengthen aker bp’s position on norwegian continental shelf​

* ‍both production and reserves will increase significantly​ Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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