Statoil ASA has received full settlement in cash after divesting its 54 % stake in listed energy and retail company Statoil Fuel & Retail ASA to Alimentation Couche-Tard.
The proceeds for Statoil's shares are NOK 8.3 billion (USD 1.4 billion) after adjustments for dividend. Net income from the sale is in the range of NOK 5.5-6.0 billion (USD 0.9-1.0 billion).
Statoil chief financial officer Torgrim Reitan says: "We are pleased to successfully complete this transaction at an attractive price. This frees up capital for investments in our core business as we forcefully pursue our strategy to streamline Statoil as a technology focused upstream energy company," says Reitan.
As a result of the transaction, Statoil Fuel & Retail will no longer be consolidated in Statoil ASA's accounts.