TotalEnergies Signed Agreement To Acquire 50% Stake In SapuraOMV Upstream For $530M, Deal To Close In H2 2024
Portfolio Pulse from Charles Gross
TotalEnergies (NYSE:TTE) has agreed to acquire a 50% stake in SapuraOMV Upstream from Sapura Upstream Assets Sdn Bhd for $530 million, with the deal expected to close in the second half of 2024. This follows a previous agreement to acquire a 50% interest from OMV.
April 22, 2024 | 10:35 am
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TotalEnergies is expanding its presence in the Malaysian gas market by acquiring a 50% stake in SapuraOMV Upstream for $530 million, with the transaction expected to close in H2 2024.
The acquisition of a significant stake in SapuraOMV Upstream represents a strategic expansion for TotalEnergies in the Malaysian gas market, likely to enhance its production capabilities and market position. Given the scale of the investment and the strategic nature of the acquisition, it is expected to have a positive short-term impact on TotalEnergies' stock price, reflecting investor optimism about growth prospects in the energy sector.
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