Apache acquires interest in Beryl Area for US$1.75 billion
Apache is to acquire a package of UK assets from ExxonMobil for US$1.75 billion. The key interests are a 50% operated interest in the Beryl Area, plus operated interests in surrounding subsea tie-backs. This is a landmark transaction in the European M&A market: the biggest asset deal since 2005, and the largest disposal by any Major to date.Our base case valuation of the deal is US$1.33 billion. However, this number reflects the development plans of the current operator, ExxonMobil. For ...