Sapura to sell 50% stake in upstream business

Sapura

Sapura Energy has signed an agreement to sell a 50% stake in its wholly owned subsidiary, Sapura Upstream, to Austria’s OMV Aktiengesellschaft.

Based on an enterprise value of $1.6bn, the proposed deal will enable Sapura Energy and OMV AG to be strategically placed to expand portfolios and future business activities, achieve synergies and attain sustainable long-term growth.

The companies have agreed to continue the negotiations for the proposed deal on Sapura Upstream on an exclusive basis.

 

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