Deal Insight
ADNOC and BP to take Israel's NewMed Energy private
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
ADNOC and BP have made a non-binding offer to take East Mediterranean-focused NewMed Energy private. ADNOC and BP's consortium will purchase all publicly held shares in NewMed, accounting for 45% of its share capital. Additionally, the consortium will also purchase a 5% share interest from Delek Group. Delek currently owns 55% of NewMed and would retain the other half of the company. The consortium has offered to pay 12.05 Israel Shekels (ILS) per share (US$3.35 per share), valuing 50% of NewMed's equity at US$1.96 billion. This is a 65% premium to NewMed's adjusted share price a day before the announcement. NewMed's US$3.9 billion equity and US$1.6 billion net debt implies a company enterprise value of US$5.5 billion.
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Israel
- Cyprus
- Deal analysis
- Upsides and risks
- Strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- BP and NewMed Energy's Eastern Mediterranean acreage
- Upstream assets: Table 1
What's included
This report contains:
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