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Rosneft acquires BPs 50% stake in TNK-BP for US$28 billion in cash and shares

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BP has announced the signing of an agreement with Rosneft to sell its 50% stake in TNK-BP. Under the terms of the deal BP will receive US$12.3 billion in cash and an additional 18.5% equity stake in Rosneft. This values BP's share of TNK-BP at US$26.8 billion, towards the upper end of market expectations and just below our US$28.8 billion NPV, 12 upstream valuation. Two major uncertainties have weighed heavily on BP over the past few years and constrained strategic development: (i) ...

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    Rosneft acquires BPs 50% stake in TNK-BP for US$28 billion in cash and shares

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