Sinopec Acquires Addax Petroleum In $7.2 Billion "Transformational" Deal
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Asia's largest oil company Sinopec (NYSE: SNP) agreed to acquire Addax Petroleum Corporation, one of the largest independent oil producers in West Africa, for $7.2 billion in cash.
Sinopec said the acquisition of Addax is "transformational." Sinopec said the acquisition will help it "achieve its strategic objective to build a stronger presence and operations in West Africa and Iraq, accelerating its international growth strategy as well as optimizing its offshore oil and gas asset portfolio."
The deal marks China's aggressive push into West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and also has a strong presence in the Middle East. The company has increased its crude oil production from an average of 8.8 Mbbl/d for 1998 to an average of 134.7 Mbbl/d for the first quarter of 2009.
RBC Capital Markets is acting as financial advisor and Fasken Martineau DuMoulin LLP is acting as legal counsel to Addax Petroleum and Osler, Hoskin & Harcourt LLP is acting as legal counsel to the Board of Directors of Addax Petroleum.
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