Deal Insight

L1 acquires RWE Dea for US$7.1 billion

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26 March 2014

L1 acquires RWE Dea for US$7.1 billion

Report summary

LetterOne AG, the investment vehicle founded with the proceeds of Alpha Group's exit from TNK-BP, has acquired RWE Dea for US$7.1 billion. We value the business at US$6.7 billion (NPV10, assuming a March 2014 effective date), of which Germany, the UK and Norway account for 80%. These countries provide dependable, high margin cash flow, plus a handful of mid-term development opportunities. North Africa is potentially the most important growth region in the portfolio, but operations are ...

Table of contents

  • Executive summary
  • Transaction details
    • Germany
    • Norway
    • UK
    • Libya
    • Egypt
    • Algeria
    • Denmark
    • Netherlands
  • Deal analysis
    • Upsides
      • North Alexandria (Egypt)
      • Exploration
    • Risks
      • Libya development
      • UK development
      • Norway development
      • Denmark/Netherlands decommissioning
      • Algeria development
    • LetterOne
    • RWE
    • Implications for the utilities market
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 11 images and tables including:

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 2
  • Wood Mackenzie forecast for RWE Dea production (including North Alexandria upside)
  • Strategic rationale: Table 1
  • North Alexandria valuation sensitivities (NPV10)

What's included

This report contains:

  • Document

    L1 acquires RWE Dea for US$7.1 billion

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