Russian state-controlled oil and gas company Rosneft OAO (MCX:ROSN) announced it had sealed a deal to acquire a 50% stake in TNK-BP Holding OAO (MCX:TNBP) from BP Plc (LON:BP).
As announced in October when the parties signed an agreement in principle, BP will receive USD17.1bn (EUR13.3bn) in cash plus a 12.84% stake in Rosneft in exchange for the stake.
The UK company has also inked a deal to buy an additional 600m Rosneft shares from Rosneftegaz OJSC at USD8.00 per share. As a result, on closing BP will have a 19.75% interest in the Russian state-run company, including its current ownership of 1.25%.
The transaction is awaiting regulatory clearance and is seen to be finalised in the first half of next year.
Rosneft had previously signed heads of terms to acquire the AAR Consortium’s half in TNK-BP as well. The companies are currently holding advanced talks with regard to a definitive agreement on the matter. Under the previously unveiled terms, Rosneft will pay USD28bn as part of this separate transaction.