Marathon sells its 10% stake in Block 32 Angola to Sonangol EP for US$590 million
On 10 September 2013, Marathon announced an agreement to sell its 10% stake in deep water Block 32, in Angola's offshore Lower Congo Basin, to Sonangol EP for US$590 million. Our base case valuation for the deal is US$687 million (discounted at 10% from January 2013). This is Marathon's second disposal in Angola in a matter of months; in June 2013 Marathon sold its stake in neighbouring Block 31 to Sonangol Sinopec International for US$1.52 billion. Completion of this deal will ...