L1 Retail, also known as Letter One, has become a minority shareholder in Harbour Energy plc following the completion of a significant transaction. Together with BASF, L1 has successfully transferred the majority of Wintershall Dea’s upstream business to Harbour Energy—the largest independent oil and gas company listed in London. The total consideration for this deal was $11.2 billion. As part of the transaction, L1 now holds a 14.87% share in Harbour, equivalent to 251,488,211 non-voting, non-listed convertible ordinary shares with preferential rights, providing them with a 13% premium on any dividends paid.
L1 states that they are committed to long-term investments in crucial sectors, emphasizing the value they bring to the UK’s energy security, job creation, and the national energy transition goals. Societe Generale, Moelis, Akin, and Hogan Lovells served as advisors to L1 in completing this transaction.
Private Equity, Oil and Gas, Advisory Services,United Kingdom, Global