This is the largest UK deal since 2010 and largest private equity acquisition since the oil price crash globally: a significant transaction for both participants and the wider UK asset market. Chrysaor will pay US$3 billion potentially rising to US$3.8 billion contingent upon future exploration results and commodity prices. The acquired portfolio comprises 24 producing assets at various stages of the life cycle one under development field and exploration acreage. Key assets are Buzzard Schiehallion Beryl and Elgin & Franklin. Shell will be happy to get the deal away: executing a UK disposal quickly and at acceptable value was always going to be challenging in a 'stuck' M&A market. PE backed Chrysaor meanwhile is catapulted to the position of third largest producer in the UK (we model acquired production of 120 000 boe/d in 2017).