BP to sell 5% stake in Norway's Aker BP
BP to sell 5% stake in Norway's Aker BP OSLO, Nov 4 (Reuters) - British oil major BP BP.L plans to sell a 5% stake in Norway's Aker BP AKRBP.OL, the Norwegian oil and gas company said on Wednesday.
Barclays is global coordinator and bookrunner with Norwegian broker DNB Carnegie as co-bookrunner for the planned transaction, which could be worth close to $1.2 billion according to a Reuters calculation.
Aker BP was formed in 2016 when BP merged its Norwegian assets with Det norske oljeselskap, controlled by Norwegian billionaire Kjell Inge Roekke.
BP currently owns 15.9% of Aker BP, making it the company's second-largest shareholder after Roekke's investment firm Aker ASA AKER.OL.
The remaining shares held by BP will be subject to a 90-day lock-up period following completion of a sale, subject to customary exemptions, Aker BP added.
In July, BP launched the sale of its UK upstream portfolio, estimated to be worth about $2.6 billion, with existing North Sea producers seen as the most likely bidders.
Aker BP has previously ruled out pursuing upstream acquisitions outside Norway.
(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)
((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))