Harbour Energy (LSE:HBR) has agreed to purchase 53 million of its ordinary shares from BASF in an off-market transaction for £2.66 per share, representing total consideration of approximately $190 million.
The transaction forms part of a wider offering of Harbour Energy shares by BASF to institutional investors. Harbour said the 53 million shares acquired through the off-market purchase will be cancelled.
Approximately $40 million of the purchase price will be allocated to Harbour’s existing $250 million share buyback programme.
Following completion of both the off-market purchase and BASF’s wider offering, BASF’s holding in Harbour Energy is expected to decline from approximately 24.3% to 16.4%.
More about Harbour Energy
Harbour Energy plc is an independent oil and gas company focused on exploration and production activities.
The company manages a portfolio of upstream energy assets and undertakes capital allocation measures including share buyback programmes.
Leave a Reply