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Last week Hess Corporation’s announced the sale of its Norwegian subsidiary Hess Norge AS to Aker BP ASA, and Storebrand announced it had acquired the insurance portfolio of Silver Pensjonsforsikring AS under public administration. DCC Plc’s acquisition of the Esso’ s Norwegian downstream business was announced earlier in 2017 and was completed last week.
Aker BP ASA pays total proceeds of USD 2 Billion for Hess Norge AS, which make the transaction the largest one on the Norwegian Continential Shelf in 2017. The transaction includes Hess Norge’s interests in the Valhall and Hod fields on the Norwegian Continental Shelf. The transaction is subject to customary conditions for completion, including approval by the Ministry of Petroleum and Energy, Ministry of Finance and relevant competition clearance. Completion of the transaction is expected by the end of 2017. We assist Hess in the transaction. The team is led by Anders Rødland and several lawyers in Arntzen de Besche have been involved in the work.
Silver Pensjonsforsikring (Silver) was put under governmental administration by the Ministry of Finance in February 2017 after the Ministry concluded that Silver would not be able to meet the current capital requirements. Sven Iver Steen, partner in Arntzen de Besche, was appointed as the chairman of the Administration Committee of Silver. The objective was to assess whether Silver could continue operating on its own or if the company had to seek investors to continue their business operations. Storebrand Livsforsikring acquired the insurance portfolio of Silver Pensjonsforsikring AS under public administration. The transaction value is in excess of NOK 10 Billion and Storebrand makes a cash payment of NOK 520 million. Silvers 20,000 agreements and NOK 10 Billion in pension funds are transferred to Storebrand. In addition to Sven Iver Steen, several lawyers in Arntzen de Besche have been involved in the work.
DCC Plc announced earlier this year that it has acquired the retail petrol station network of Esso Norge AS for the consideration of NOK 2.43 Billion. Arntzen de Besche assists DCC in the acquisition. The team has been led by Per A. Dagslet and several lawyers in Arntzen de Besche have been involved in the work. The transaction is one of the largest transactions in the Norwegian downstream market in recent years. We also assisted Shell when it sold its Norwegian downstream business including inter alia 414 petrol stations to Smart Fuels AS a couple of years ago.
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