MIMI (Mitsubishi and Mitsui) acquires 14.7% equity in Browse LNG for US$2 billion
Woodside Petroleum has accepted a US$2 billion offer from MIMI, the Mitsubishi Corporation and Mitsui & Co Joint Venture, for a 14.7% interest in the Browse LNG project. MIMI will also buy 1.5 million tonnes of Browse LNG from Woodside. The deal is subject to pre-emption and due to close in Q3 2012.Our base case valuation of the deal is US$782 million. The analysis is based on a 12 mmtpa greenfield LNG project at James Price Point, with FID in mid-2013 and first LNG in mid-2018. ...