We are advising Barclays Bank as sponsor to Harbour Energy on the transaction

Davis Polk is advising Barclays Bank PLC as sponsor to Harbour Energy plc in connection with Harbour Energy’s acquisition of substantially all of Wintershall Dea AG’s upstream assets from BASF and LetterOne for an aggregate consideration of $11.2 billion. The portfolio of assets includes all of Wintershall Dea’s upstream assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria, as well as its CO2 capture and storage (CCS) licences in Europe, excluding its Russian assets. The acquisition was announced on December 21, 2023, and constitutes a reverse takeover by Harbour Energy for the purposes of the UK Listing Rules. Completion of the acquisition is subject to certain conditions and is expected to occur in the fourth quarter of 2024.

Harbour Energy is a premium-listed, FTSE 250 independent oil and gas company headquartered in London, with approximately 2,000 staff and contractors across its offshore platforms and offices.

Wintershall Dea is one of the leading European independent oil and gas companies.

The Davis Polk corporate team includes partner Dan Hirschovits and associates Gilbert Lim and Daniel Lindars. The tax team includes partner Dominic Foulkes and associate Freddie Schwier. All members of the Davis Polk team are based in the London office.