Wintershall will acquire interests in the Aasta Hansteen Area and Asterix developments and increase its share in the Gjøa and Vega fields. It will also gain an interest in the Polarled pipeline project and four exploration licences. The consideration is US$1.25 billion (plus a further US$0.05 billion contingent). We value the acquired assets at US$1.1 billion. The difference can be attributed to a number of factors including Wintershall's higher reserves estimate.