Name: Harbour Energy acquires Wintershall Dea in a reverse takeover
Brand: Wood Mackenzie
SKU: 162359
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Deal Insight 12 January 2024

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Report summary

Harbour Energy has agreed to acquire the majority of Wintershall Dea's upstream portfolio for US$11.2 billion. Harbour will pay US$2.15 billion cash, US$4.15 billion equity and US$4.9 billion from the assumption of bonds. Structured as an asset transaction, the deal is a reverse takeover, which will see existing Wintershall Dea shareholders hold up to 54.5% in the company.

Executive summary
Transaction details
Upstream assets
- Wintershall Dea
  - Norway
  - Germany
  - Denmark
  - Latin America
  - North Africa
- Harbour Energy
  - Post-acquisition
Deal analysis
- Net zero
Upsides and risks
- Upsides
  - Europe
  - Latin America
  - North Africa
- Risks
  - Europe
  - Latin America
  - North Africa
Strategic rationale
- Russia-Ukraine war a pivotal moment for both companies
  - Wintershall Dea
  - Harbour Energy
- Carbon Capture & Storage
- What next?
Oil & gas pricing and assumptions

Tables and charts

This report includes the following images and tables:

Executive summary: Table 1Combined company production outlookStrategic fit of upstream portfolios

Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Gross operated emissions as % of net equity emissionsDeal analysis: Table 1Deal analysis: Table 2Deal analysis: Table 3Harbour Energy and Wintershall Dea CCS portfoliosCombined portfolio top ten assets by NPV10Upstream assets: Table 1