Nuon Acquires Interest in 35 Dutch Gas Fields
Nuon has acquired 100% of the share capital of Burlington Resources Nederland Petroleum B.V. from ConocoPhillips effective January 1, 2008. With this transaction, Nuon becomes shareholder in 35 gas fields in the Dutch North Sea as well as gas pipelines and processing facilities. The acquisition fits Nuon's strategy to diversify and strengthen its gas sourcing.
The acquisition of BRN is a significant step for Nuon in becoming a more integrated company across the gas and power value chain. It adds the essential gas production capabilities to Nuon's already existing gas trading, wholesale and retail activities.
The acquisition constitutes an enterprise value of EUR 443.4 million, plus other adjustments resulting in a total transaction value of EUR 476.7 million. Merrill Lynch acted as financial advisor to Nuon in this transaction.
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