Wintershall, a 100% BASF subsidiary, is optimizing its portfolio through divesting its share in selected assets on the UK Continental Shelf. Through the transaction, the Hungarian MOL Group will acquire 14 licenses in the North Sea, including nonoperated equity stakes in the Broom field (29%) as well as the Catcher (20%), Cladhan (33.5%) and Scolty/Crathes (50%) developments. In addition, Wintershall's equity share in existing infrastructure on the Sullom Voe Terminal and the Brent Pipeline System are also part of the deal.
The purchase price of US$375 million is subject to value adjustments at closing, which is expected in the first quarter of 2014. A respective agreement was signed by MOL Group and Wintershall in Budapest, Hungary. The transaction is subject to the approval by the relevant authorities and partners and will be financially retroactive to January 1, 2013.